NYHC Urges Constituency to Urge Senators to Extend the Low Income Housing Tax Credit Exchange and New Markets Tax Credit Programs, and the Capitalization of the National Housing Trust Fund

Support of the tax extenders legislation before the Senate would:

•Extend a Low Income Housing Tax Credit Program that faciliates affordable housing development when private investment is insufficient.
•Extend the New Markets Tax Credit Program at its current $5 billion authority level to attract private investment in community development activities in under-served communities.
•Capitalize the National Housing Trust Fund at $1 billion with an additional $65 million in project-based vouchers to subsidize units developed by the NHTF.
 

See sample letter below and the addresses for the New York State Senators.

SAMPLE LETTER:

We urge Congress to pass legislation in the lame duck session to extend critical tax provisions that, while temporary in nature, are critical to our economy. It is of the utmost importance to all of us, and to the health of the U.S. economy, that this extension be enacted before the end of the year and apply seamlessly through 2011. Some of the key provisions are:

• The extension of the Low Income Housing Tax Credit Exchange Program (TCEP) for 2010. This will allow affordable housing projects to proceed where private investment is insufficient.
• The extension of the New Markets Tax Credit Program (NMTC) for 2010 at the current $5 Billion authority level.
This program attracts private investment for a multitude of community development activities, creating jobs and opportunities in under-served communities across the country.
• The capitalization of the National Housing Trust Fund at $1 Billion with an additional $65 Million in project-based vouchers to subsidize the units developed by the NHTF. The National Housing Trust Fund will create much-needed jobs across our state, and will help our communities build and preserve housing for people with the lowest incomes who have been hardest hit in the economic crisis
Expiration of many of these provisions has already caused job losses, and the uncertainty around their extension will lead to further dislocations just as the fragile economic recovery is beginning. We all look forward to working with you on this issue in the coming weeks.

Sincerely,
 

 

Senator Charles Schumer:

Washington, D.C. Office:
313 Hart Senate Office Building,
District of Columbia 20510-3203
Phone: (202) 224-6542
Fax: (202) 228-3027

New York Office:
757 Third Avenue, Suite 17-02
New York, New York 10017
Phone: (212) 486-4430
Fax: (212) 486-7693

Senator Kirsten Gillibrand:

Washington, D.C. Office:
478 Russell Senate Office Building,
District of Columbia 20510-3204
Phone: (202) 224-4451
Fax: (202) 228-0282

New York Office:
780 Third Avenue, Suite 2601
New York, New York 10017
Phone: (212) 688-6262
Fax: (212) 688-7444