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the Low-Income Housing Tax Credit
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The Low-Income Housing Tax Credit (Housing Credit) is at Risk
Congress is considering tax reform that would reduce or eliminate corporate tax expenditures, which may include the Housing Credit.
The minimum 9 percent Housing Credit rate expired at the end of 2013, which is already making affordable housing production less financially feasible.
The Housing Credit is the Nation's Most Successful Affordable Housing Production Tool
Over the past 26 years, the Housing Credit program has financed the development of over 2.6 million rental homes throughout the nation.
The Housing Credit program creates about 95,000 jobs annually and has leveraged near $100 billion in private investment.
Without the Housing Credit, there would be virtually no affordable housing production.
The Need for Affordable Rental Housing is Growing
Affordability is the primary housing problem facing renter households.
There are only 6.9 million rental homes affordable and available to 11.8 million extremely low-income renters, representing an astounding unmet need of 4.9 million affordable homes.
Half of all renters are rent burdened, meaning they pay over 30 percent of their income in rent.
Over one-fourth of all renters are severely rent burdened, meaning they pay over 50 percent of their income in rent.
Despite the growing need for affordable rental housing, more than one-fourth of the nation's low-cost rental stock has been lost in the past decade.
Senate Approves Minimum 9 and 4 Percent Housing Credit Rates
Today the Senate Finance Committee approved the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act of 2014...
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