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Sen. Cantwell Bipartisan Fix for Affordable?

IF YOU DON’T WANT TO TALK ABOUT THE 500 LB. GORILLA IN WA DC, OBAMACARE’S UNAFFORDABLE FEDERAL HEALTHCARE FIX  JUST EMAIL OUT THE FOLLOWING AND CHANGE THE SUBJECT.

—– Original Message —–

From: Office of Senator Maria Cantwell

To: phew@wavecable.com

Sent: Tuesday, August 01, 2017 4:40 PM

Subject: A BIPARTISAN FIX TO OUR AFFORDABLE HOUSING CRISIS

FELLOW WASHINGTONIANS

AN AFFORDABLE HOUSING CRISIS IS HAPPENING ACROSS OUR COUNTRY

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 LET’S CALL SENATOR CANTWELL (D) AFFORDABLE FIX A 50% INCREASE IN THE LOW-INCOME HOUSING TAX CREDIT (LIHTC)

LET’S CALL SENATOR CANTWELL (D) AFFORDABLE FIX ABOUT $15 BILLION ANNUALLY.

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Senators Cantwell and Hatch Reintroduce Affordable Housing Credit …

www.enterprisecommunity.org/…/2017/…/senators-cantwell-and-hatch-reintroduce-af…

Mar 8, 2017 – and Senate Finance Committee Chairman Orrin Hatch (R-Utah) introduced the Affordable Housing Credit Improvement Act of 2017 (S. 548) , a …

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RECENTLY Jul 18, 2016  THERE HAS BEEN A FLURRY OF LEGISLATIVE PROPOSALS TO ADD YET MORE HOUSING SUBSIDIES TO THE HOUSING SECTOR, ALREADY ONE OF THE MOST HEAVILY SUBSIDIZED.

 Jul 18, 2016  How Much would It Cost?

FOR EXAMPLE, S.2962 BY SENATOR CANTWELL WOULD INCREASE THE LOW-INCOME HOUSING TAX CREDIT (LIHTC) PROGRAM TO ABOUT $15 BILLION ANNUALLY (A 50% INCREASE)

 The legislation is very similar to the comprehensive version of the Affordable Housing Credit Improvement Act (S. 3237), introduced by Senators Cantwell (D) and Hatch  (R) in 2016

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AND THE LATEST (S. 548)

Affordable Housing Credit Improvement Act of 2017 (S. 548) – GovTrack

https://www.govtrack.us/congress/bills/115/s548

  1. S. 548. A bill to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes. In GovTrack.us, a database of bills in …
  2. S.548: Affordable Housing Credit Improvement Act of 2017

About this Bill

You can

read the bill

Sponsor

Maria Cantwell, D-Wash.

Total Cosponsors

19 (10 Democrats, 1 Independent, 8 Republicans)

Introduced

March 7, 2017

Latest Major Action

March 7, 2017

See it on

GovTrack

See it on

C-SPAN

Bill Progress

  • Bill introduced in the Senate
  • Bill passed in the Senate
  • Bill passed in the House
  • Bill signed into law

Bill Summary

Affordable Housing Credit Improvement Act of 2017 This bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit “the affordable housing credit” and make several modifications to the credit. The bill increases state allocations for the credit and modifies the cost-of-living adjustments. It also revises tenant eligibility requirements, with respect to: the average income test, income eligibility for rural projects, increased tenant income, student occupancy rules, and tenant voucher payments that are taken into account as rent. The bill revises various requirements to: establish a 4% minimum credit rate for certain projects, permit relocation costs to be taken into account as rehabilitation expenditures, repeal the qualified census tract population cap, require housing credit agencies to make certain determinations regarding community revitalization plans, prohibit local approval and contribution requirements, increase the credit for certain projects designated to serve extremely low-income households, increase the credit for certain bond-financed projects designated by state agencies, increase the population cap for difficult development areas, and eliminate the basis reduction for affordable housing properties that are allowed the credit and receive certain energy-related tax credits and deductions. The bill also modifies requirements regarding the reconstruction or replacement period after a casualty loss, rights related to building purchases, the prohibition on claiming acquisition credits for properties placed in service in the previous 10 years, foreclosures, and projects that assist Native Americans.

(Source: Congressional Research Service)

Bill Actions

Date

Description

March 6, 2017

Read twice and referred to the Committee on Finance.

Sources: Library of Congress, Clerk of the House of Representatives, Secretary of the Senate, Government Printing Office, Sunlight Fou

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 The bottom line on SENATOR MARIA CANTWELL(D)  EMAIL AUG 1, 2017

I HOPE YOU WILL JOIN ME AS I CONTINUE FIGHTING TO EXPAND THE (2014 $6.7 BILLION) LIHTC  TO ABOUT $15 BILLION ANNUALLY (A 50% INCREASE) AND BUILD MORE AFFORDABLE HOUSING, FOR MORE AMERICANS.

 OF COURSE SHE LEFT OUT THE AFFORDABLE $15 BILLION DOLLAR ANNUAL COST.

$15,000,000,000.00

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THE FULL TEXT OF SENATOR MARIA CANTWELLS AUG 1, 2017 EMAIL IS AT THE BOTTOM

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HISTORY DOCUMENTS

 Market-based solutions are the only way to get home prices and rents …

www.aei.org/publication/market-solutions-only-way-get-housing-back-in-line/

Jul 18, 2016 – For example, S.2962 by Senator Cantwell would increase the Low-Income Housing Tax Credit (LIHTC) program to about $15 of government subsidies charged to all tax payers,” (iii) subsidized housing “invariably costs …

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Nov 7, 2013 – How Much DID (LIHTC)  Cost? $6.7 BILLION DOLLARS  

The Tax Break-Down: The Low-Income Housing Tax Credit …

www.crfb.org/blogs/tax-break-down-low-income-housing-tax-credit

Nov 7, 2013 – How Much Does It Cost? According to the Joint Committee on Taxation, the LOW INCOME HOUSING TAX CREDIT (LIHTC)  WILL COST $6.7 BILLION DOLLARS  IN FOREGONE REVENUE IN 2014

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HOW THINGS WORK (OR NOT)

Under The Low-Income Housing Tax Credit (LIHTC)

the government allocates nonrefundable tax credits to state-run housing agencies

who distribute them to housing developers

that agree to make a portion of their units available to low-income renters.

The housing developers who receive the tax credits

then sell them to independent investors to help finance the actual development of the housing units.

The investors are ultimately the ones who claim the tax credit

rather than the low-income residents of the rental units or the developers.

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Senator Hatch (R-UT)

 “One reason I support the LIHTC is that it… allows decisions on housing to be made within the communities where the housing is needed while involving the private sector.” – Senator Hatch (R-UT)

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15  BILLION REASONS I OPPOSE THE LIHTC,  I  STAND WITH PRESIDENT TRUMP ON CUTTING FUNDING FOR LOCAL PROJECTS THAT SHOULD BE FUNDED BY STATES AND LOCALITIES THAT BENEFIT FROM THEIR USE…..

SEATTLE, AND MANY OTHER BIG (D) CITIES AND STATES HAVE SELF INFLICTED “LOCAL CRISIS FUNDING ISSUES”

IF A CITY OR A STATE CREATES A LOCAL CRISIS  WITH POOR PLANNING, GREED OR STUPIDITY MOST CERTAINLY, FEDERAL FUNDING MUST BE CUT AND THE CITY AND STATE MUST FIND LOCALLY FUNDING FOR THE FINANCIAL CRISIS THEY ARE RESPONSIBLE FOR CREATING.

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Priorities Poll | Maria Cantwell, U.S. Senator

https://www.cantwell.com/action/2017-priorities-poll

2017 Priorities Poll. … Will you take 30 seconds to take my 2017 Priorities Poll? First Name. Email Address … Access to affordable housingSeattle, WA 98111.

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affordable housing | KNKX

knkx.org/term/affordable-housing

Leaders of the Rental Housing Association of Washington say the City … Officials who help low-income people get housing in Seattle say it’s not clear how … HOUSING ADVOCATES’ BIG PRIORITY IN 2017: Defending A $48 Fee … Cantwell Highlights Pierce County Affordable Housing Shortage, Pushes For Tax Credit Extension.

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SEATTLE, AND MANY OTHER BIG (D) CITIES AND STATES HAVE SELF INFLICTED “LOCAL CRISIS FUNDING ISSUES”

PRESIDENT TRUMP IS CUTTING FEDERAL FUNDING FOR LOCAL PROJECTS THAT SHOULD BE FUNDED BY STATES AND LOCALITIES THAT BENEFIT FROM THEIR USE…..

SHALL WE START WITH FEDERAL FUNDING FOR (D) SANCTUARY CITIES AND THOSE WHO BENEFIT FROM THEIR USE.

SEATTLE WA HAS A LOCAL SELF INFLICTED AFFORDABLE HOUSING CRISIS,  AS DO MANY OTHER BIG (D) CITIES

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Aug 1, 2017 SENATOR CANTWELL (D)  email SAYS, IF WE DON’T TAKE (FEDERAL) ACTION NOW, AS MANY AS 15 MILLION AMERICANS WILL BE SPENDING HALF THEIR MONTHLY INCOME ON RENT BY 2025.

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June 26, 2017 FREE THE OBAMACARE 15 MILLION AMERICANS, They’re not ‘losing’ insurance; they just won’t be forced to get policies they don’t want.

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AND, REALLY, SENATOR CANTWELL (D) AUG 1, 2017  EMAIL SAID,  If we don’t take action now, to bolster the AFFORDABLE “HOUSING” CRISIS  program, IT’S LIKELY THAT ALMOST $1 BILLION IN INVESTMENTS WILL BE LOST IN THIS YEAR ALONE.

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IN 2016 ALONE, OBAMACARE WILL COST AMERICAN TAXPAYERS A  TOTAL OF $110,000,000,000.00 $110 BILLION DOLLARS. IN JUST ONE YEAR, 2016  UNAFFORDABLE OBAMACARE WAS A  NATIONAL MEDICAL $110 BILLION DOLLARS FINANCIAL CRISIS.

SO Aug 1, 2017 EMAIL, WA DC SENATOR CANTWELL (D) IN SEATTLE: WANTS A FEDERAL BIPARTISAN FIX TO OUR? THE AFFORDABLE “HOUSING” CRISIS?

REALLY, SENATOR CANTWELL (D)  15 MILLION AMERICANS WILL BE SPENDING THEIR MONEY ON WHAT?

REALLY, PRESIDENT TRUMP AND GOP, FREE THE OBAMACARE 15 MILLION AMERICANS THAT WILL BE SPENDING THEIR MONTHLY INCOME ON  UNAFFORDABLE HEALTH INSURANCE THAT THEY DON’T NEED AND DON’T WANT.

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SEATTLE HAS A  SELF INFLICTED LOCAL CRISIS FUNDING THE HOMELESS, AS DO MANY OTHER BIG (D) CITIES

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I STAND WITH PRESIDENT TRUMP CUTTING FUNDING FOR LOCAL PROJECTS THAT SHOULD BE FUNDED BY STATES AND LOCALITIES THAT BENEFIT FROM THEIR USE…..

IN EXPLAINING THE CUT, THE PRESIDENT’S BUDGET THIS WEEK SAYS TRANSIT ISN’T A NATIONAL MISSION.

“THE BUDGET PROPOSES REDUCED FUNDING FOR … LOCAL TRANSIT PROJECTS THAT SHOULD BE FUNDED BY STATES AND LOCALITIES THAT BENEFIT FROM THEIR USE,” IT SAYS.

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BIPARTISAN SUPPORT?  LIKE OBAMACARE?  DODD-FRANK?

BIPARTISAN AFFORDABLE SUPPORT?  FROM ELECTED DEMOCRATS AND BLUE HILLARY STATES?

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REALLY…

Support Affordable Housing today! | Maria Cantwell, U.S. Senator

https://www.cantwell.com/action/support-affordable-housing-today

Sign on to call on Congress to to encourage, support, and accelerate the construction of affordable housing.

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AUG 2, 2017  REALLY,  SENATOR CANTWELL GO BACK TO WA DC

 GET YOUR DEMOCRATIC COLLEAGUES TOGETHER, SENATOR MURRAY AND REP. KILMER  AND  DO AN AFFORDABLE FIX ON OBAMACARE

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JUNE 26, 2017 FREE THE OBAMACARE 15 MILLION  THE CBO DOESN’T BELIEVE THAT MILLIONS WILL “LOSE” THEIR INSURANCE IN 2018. INSTEAD, THE AGENCY THINKS THAT MILLIONS WILL HAPPILY CANCEL THEIR COVERAGE — EVEN THOSE WHO GET IT FOR FREE. THE REASON: THE SENATE BILL WOULD REPEAL THE OBAMACARE TAX PENALTY ON THE UNINSURED, KNOWN AS THE INDIVIDUAL MANDATE.

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Senate Health Care Bill Will Reduce Coverage by 15 Million. Good …

www.nationalreview.com/article/448991/senate-health-care-bill-will-reduce-coverage-…

Jun 26, 2017 – This week, the Senate will decide whether to end government … will lose medical coverage next year if the Senate GOP’s healthcare bill … 12.7 uninsured million people — more than twice as many … READ MORE: … Next Article ….. fewer preventable hospital deaths(2015) http://www.politifact.com/.
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—– Original Message —–

From: Office of Senator Maria Cantwell

To: phew@wavecable.com

Sent: Tuesday, August 01, 2017 4:40 PM

Subject: A Bipartisan Fix to Our Affordable Housing Crisis

 

Fellow Washingtonians,

An affordable housing crisis is happening across our country.

If we don’t take action now, as many as 15 million Americans will be spending half their monthly income on rent by 2025.

That’s why I requested today’s hearing, to address the worsening affordable housing shortage gripping our nation, and discuss my Affordable Housing Credit Improvement Act, that would expand the successful Low-Income Housing Tax Credit (LIHTC) – our most effective tool for addressing America’s affordable housing crisis.

WATCH: Senate Finance Committee Hearing on the Affordable Housing Crisis

Under my proposal, which is cosponsored by Finance Committee Chairman Senator Orrin Hatch (R-UT), Ranking Member Senator Ron Wyden (D-OR), and 16 others, the expanded LIHTC would help create or preserve approximately 1,300,000 affordable homes over a 10-year period – an increase of 400,000 more units than is possible under the current program.

Senators from both parties spoke in support of the LIHTC program, presenting an opportunity for bipartisan action as tax reform negotiations begin.

“One reason I support the LIHTC is that it… allows decisions on housing to be made within the communities where the housing is needed while involving the private sector.” – Senator Hatch (R-UT)

“The LIHTC is a critical tool.” – Senator Brown (D-OH)

“I’m a big supporter of Ms. Cantwell’s program… It has passed the test of time” – Senator Isakson (R-GA)

“The LIHTC is the major tool available and strengthening that tool is the most important thing I believe we can do.” – Senator Cardin (D-MD)

If we don’t take action now, to bolster the program, it’s likely that almost $1 billion in investments will be lost in this year alone.

According to the National Association of Home Builders, annual LIHTC development supports approximately 95,700 jobs and $9.1 billion in wages and business income.

“America’s housing affordability crisis affects millions of families in urban, suburban, and rural areas nationwide, and the federal government must do everything in its power to help communities address it—beginning with expanding the Low-Income Housing Tax Credit. We commend Senator Cantwell and her colleagues for pursuing a bipartisan solution to this pressing issue and urge every member of Congress to reflect on today’s hearing and support the Affordable Housing Credit Improvement Act of 2017.” – Anthony J. Alfieri, president, Affordable Housing Tax Credit Coalition.

My bill would also allow the 58,000 homeless students in the U.S. to finally access the affordable housing units created with LIHTC, expanding development opportunities in rural and Native communities and providing flexibility and financial feasibility to developments so they can more deeply target their units to the neediest individuals, including the homeless.

Over the past year, I’ve met with local communities and visited affordable housing developments in Seattle, Tacoma, Spokane, Vancouver, Walla Walla, Longview, Kent, Bremerton, Bellingham, Portland, New York City and Salt Lake City and they’ve all told me the same thing: we need more affordable housing.

I HOPE YOU WILL JOIN ME AS I CONTINUE FIGHTING TO EXPAND THE LIHTC AND BUILD MORE AFFORDABLE HOUSING, FOR MORE AMERICANS.

As always, you can contact me with your questions and concerns through my website. Follow me on Twitter and Facebook to stay updated on the issues. Let’s stay in touch!

Sincerely,

Maria

 

Looking for assistance? Senator Cantwell’s office may be able to help.

Click below to contact the office closest to you:

 

Everett    Richland    Seattle    Spokane    Tacoma    Vancouver    Washington, D.C.

 

 

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Priorities Poll | Maria Cantwell, U.S. Senator

https://www.cantwell.com/action/2017-priorities-poll

2017 Priorities Poll. … WILL YOU TAKE 30 SECONDS TO TAKE MY 2017 PRIORITIES POLL? First Name. Email Address … Access to affordable housingSeattle, WA 98111.

PRESIDENT TRUMP IS WORKING ON TAX REFORM – THE BUDGET
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