Crapo Recognized for Affordable Housing Work

Crapo Recognized for Affordable Housing Work

Washington, D.C.-U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) is being recognized for his work advancing policies that make affordable housing more accessible to American families. The Affordable Housing Tax Credit Coalition (AHTCC) presented Crapo with its Affordable Housing Champion Award in honor of his efforts to permanently expand the Low-Income Housing Tax Credit as part of the Working Families Tax Cuts. The credit is expected to support the financing of 1.2 million new homes over the next 10 years and has already helped provide affordable housing for tens of thousands of low-income Idaho households.

"Idaho's strong growth in recent years has increased the need for more housing," said Crapo. "By permanently expanding tax incentives that encourage affordable housing development, the Working Families Tax Cuts are helping communities across Idaho meet growing demand."

Key housing wins in the Working Families Tax Cuts:

• Permanent expansion of the Low-Income Housing Tax Credit, supporting the development and rehabilitation of affordable rental housing
• Permanent extension of the New Markets Tax Credit to encourage investment and economic development in low-income communities
• Permanent renewal and enhancement of Opportunity Zones, with additional incentives for qualified projects in rural areas
• • According to the Economic Innovation Group, the first iteration of the program increased new housing construction in designated communities by nearly 70 percent

What they are saying:

"The Low-Income Housing Tax Credit has become increasingly essential to providing families with safe, stable housing near jobs, education, health care and other community resources." - Affordable Housing Tax Credit Coalition CEO Emily Cadik

"This is a win for Boise. These tax benefits [from Opportunity Zone designations] will help encourage growth and investment by spurring the market to build more homes, start new businesses and create more jobs for our residents." - Boise Mayor Lauren McLean

Click HERE to learn more about how the Working Families Tax Cuts make housing more accessible.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.