ACTION Campaign Submits Statement on the Housing Credit’s Economic Benefits

The ACTION Campaign, a broad coalition of LIHTC organizations, recently submitted a statement to the House Ways and Means Committee in response to a May 18 hearing on “How Tax Reform Will Grow Our Economy and Create Jobs,” urging the committee to expand and strengthen the Housing Credit and protect multifamily Housing Bonds as part of any tax reform effort to grow our economy and create jobs.

The statement noted the LIHTC program’s 30-year track record of success, as well as the host of positive impacts that Housing Credit development has on local economies and communities – including creating jobs, generating local income and tax revenue, revitalizing distressed communities, increasing property values, and reducing poverty, crime, and racial and economic isolation. It also discussed the importance of the LIHTC in preserving our existing investments in affordable housing, as well as the drain that a lack of affordable housing has on our economy.