update on h.r. 7024

Celebrating a Win for Affordable Housing While Senate Advocacy Continues

CHFA is pleased to report that the 2024 Tax Bill—which includes provisions to expand and enhance the affordable housing tax credit—passed the House last night with strong bipartisan support! Thank you to all who reached out to your members of Congress. Your outreach has made a difference in advancing this critical piece of legislation! The overwhelming support for the bill (357 votes in favor) proves that housing affordability is a priority for congressional leaders.

Please join us in thanking the House supporters of H.R. 7024 from the Colorado delegation: U.S. Representative Diana DeGette (CO-1), U.S. Representative Joe Neguse (CO-2), U.S. Representative Jason Crow (CO-6), U.S. Representative Brittany Pettersen (CO-7), and U.S. Representative Yadira Caraveo (CO-8).

Following their great efforts there is more work to be done. The bill must now go to the Senate for consideration where it faces uncertainty. Please contact Colorado Senators Bennet and Hickenlooper and urge them to support the Tax Bill with the Affordable Housing provisions included. These provisions would:

• Restore the 12.5% increase in 9% Low Income Housing Tax Credit (LIHTC) authority for 2023, 2024, and 2025 and
• Lower the “financed by bonds” threshold from 50% to 30% for 4% LIHTC developments that are placed in service after December 31, 2023, and that are financed with bond issues that have an issue date prior to 2026.

It may be helpful to mention the recent endorsement of the 2024 Tax Bill by the National Governor’s Association (NGA), as it specifically mentions the housing provisions and represents bipartisan support from governors across the nation, including Colorado Governor and NGA Vice-Chair, Jared Polis.