‘Lifeline Act’ Introduced in Congress
Last week Rep. Alma Adams (D-NC-12) introduced H.R. 7078, the LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence Act or LIFELINE Act. The legislation would:
• Make American Rescue Plan funds available for affordable housing developments receiving low-income housing tax credits. It would enable cities, counties, and states to repurpose unused COVID-19 dollars within the State and Local Fiscal Recovery Fund to support affordable housing developments.
• Incentivize new construction and also help existing homeowners make the necessary repairs to remain in their homes.
• Protect and preserve affordable housing developments that rely upon low-income housing tax credits (LIHTC).
• Remove the statutory barriers in place, so that cities, counties, and states can use their State and Local Fiscal Recovery Fund dollars to support affordable housing developments.
We will continue to monitor this bill and keep you informed of changes.