On Wednesday, January 24th, the Massachusetts House of Representatives will debate and vote on the Housing Bond Bill, H.4134, An Act Financing the Production and Preservation of Housing for Low and Moderate Income Residents!
This bill authorizes $1.7 billion in investments for affordable housing through the capital budget over the next five years. It provides critical funding to produce, preserve, and modernize public and affordable housing in communities across the Commonwealth. For a fact sheet on the bill, please click here.
CHAPA is supporting amendments that will make the bill even stronger for affordable housing. Click here for the fact sheet. Specifically, we support:
- Amendment 38: Expanding & Permanently Extending the Massachusetts Low Income Housing Tax Credit (LIHTC) – This amendment, sponsored by Representative Carmine Gentile, will expand the tax credit by $5 million annually for the purpose of preserving existing affordable housing. It would also permanently extend the tax credit so that it remains a reliable resource for developing affordable housing.
Without the LIHTC Amendment (#38), Massachusetts will see the following impacts:
- a loss of $18 million to $19 million cash equity each year
- an annual loss of 350-450 homes financed using the state Low Income Housing Tax Credit
- an annual loss of $64 million in construction activity related to the state Low Income Housing Tax Credit
- a loss of 576 construction jobs per year
- Amendment 44: Expanding the Community Investment Tax Credit (CITC) – This amendment, sponsored by Representative Sarah Peake, will expand the Community Investment Tax Credit.
As more individuals and businesses are made aware of CITC, its popularity for donations to locally based community development continues to grow. Existing cap limits are reducing the impact of this program on our communities. Representative Peake's amendment would increase the cap.
Please call your Representative and ask them to support the Housing Bond bill, H.4134 and to support:
- Amendment #38 to expand and extend the state Low Income Housing Tax Credit and
- Amendment #44 to expand the Community Investment Tax Credit.
You can find your State Representative and contact information by clicking here.
Thank you for your continued advocacy as we work to get this bill passed and make a safe, healthy, and affordable home a reality for everyone in the Commonwealth!
If you have any questions, please contact Abhidnya Kurve at firstname.lastname@example.org or (617) 742-0820 x113.