Housing Credit Minimum Rate Legislation

By: Marina Demas

On May 5, the bill, S.1193, was introduced. The bill is the Improving the Low-Income Housing Tax Credit Rate Act, which would permanently establish a minimum 9 percent Housing Credit rate and a minimum 4 percent Credit rate for acquisition. Both Senator Leahy and Senator Sanders are original co-sponsors of this bill because they understand the importance of this piece of legislation on future housing development in Vermont. This bill would bring much-needed predictability to housing developers by establishing a minimum credit rate. This week's Senate action followed the introduction of the tax credit rate limit by the House of Representatives in H.R.1142, which was co-sponsored by Rep. Welch.