The House of Representatives have introduced H.R. 2, the Moving Forward Act, a $1.5 trillion infrastructure bill that provides increased funding for roads, bridges, transit systems, housing, clean energy, and broadband. The Moving Forward Act also includes an expansion of the Low-Income Housing Tax Credit (LIHTC), a legislative priority of the National Lumber and Building Materials Dealer Association (NLBMDA). The bill is expected to receive a vote in the House next week.
Specifically related to the LIHTC, the Moving Forward Act incorporates provisions from the Affordable Housing Credit Improvement Act, including establishing a minimum 4% credit rate floor, increasing the amount of credits allocated to each state, and increasing the LIHTC’s ability to serve extremely low-income tenants.
According to the NLBMDA, the association has been working with its coalition partners to garner bipartisan support for the Affordable Housing Credit Improvement Act in Congress. The NLBMDA is pleased the expansion of the LIHTC will receive a vote as part of the infrastructure package. The association recently sent a letter to Congress encouraging the expansion of the LIHTC to future stimulus legislation as part of its list of priorities for a Phase 4 relief package.
The Associated General Contractors of America (AGC) also applauded the introduction of the Moving Forward Act. While citing the need for “improvement” as it moves through the legislative process, AGC CEO Stephen E. Sandherr said the association supports the goal of “rebuilding the nation’s infrastructure, restoring demand for construction and reinvigorating our economy.”
“These investments will create needed new construction careers, promote demand for new construction equipment and materials, and ensure that the economy will be more efficient and effective for years to come,” Sandherr said in a prepared statement. “The new House infrastructure proposal will provide the kind of tangible benefits our economy needs to recover.”
