August Advocacy Week 4: Tax Credits & Community Development Resources
This week of August Advocacy is dedicated to community development programs. Send an advocacy letter urging Congress and the Biden Administration to strengthen the Low-Income Housing Tax Credit (LIHTC) and increase funding for the HOME Investment Partnerships Program (HOME) and the Community Development Block Grant (CDBG).
Since it began in 1986, LIHTC has developed and preserved over 3.5 million affordable homes for more than 8 million households. The housing tax credit is a critical part of the affordable housing solution, but Congress must improve the program by making the following changes, and more:
- Increase allocations by 50% over the current levels
- Increase the bond cap to provide states improved access to the 4% credit
- Promote bonds for public housing preservation, excluding them from the overall cap
- Allow for bond recycling
In addition to LIHTC, the HOME and CDBG programs provide flexible, local funding for housing and community development projects. Funding for both programs has decreased over time and failed to keep pace with inflation. The HOME Coalition estimates that cuts in HOME funding since 2011 reduced annual affordable home production by 69%. Congress must reinvest in HOME and CDBG to meet the growing need for affordable housing and community investments across the nation.
Your voice matters! Take action this week by sending an advocacy letter to your elected officials. Tell them to strengthen the housing tax credit and investment in community development programs, including HOME and CDBG.
Need help sending your advocacy letters? Watch our new Action Alert Center Training Video for step-by-step instructions to participate in NAHRO advocacy.