MBA Statement in Support of H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024”

WASHINGTON, D.C. (January 19, 2024) — MBA’s President and CEO Bob Broeksmit, CMB, released the following statement in support of H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024,” ahead of the markup in the House Ways and Means Committee:

“MBA and its members have long called for enacting tax provisions that address our nation’s housing affordability crisis and the acute shortage of homes for owning and renting. We support this bill, particularly for its meaningful enhancements to the Low Income Housing Tax Credit (LIHTC) that will produce an estimated 200,000 additional rental units over the next two years.

“Specifically, the increased state allocations for affordable housing projects and reduced tax-exempt bond financing requirement will help more borrowers and lenders to use the LIHTC program to construct and rehabilitate housing for low- and moderate-income households. The LIHTC program is a successful public-private partnership that has supported the production of nearly three million rental units since its inception.

“We commend House Ways and Means Committee Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) for their bipartisan, bicameral work on this tax package and call on lawmakers to pass the proposal as soon as possible.”