US Senators Todd Young and Michael Bennet wrote a letter addressing the Low-Income Housing Tax Credit Program.
The letter, addressed to the US Department of the Treasury and the IRS, comes after Senator Young’s work addressing the affordable housing crisis.
In 2020, the US had a shortage of about 4 million houses.
According to the senator’s, the program is important for boosting America’s affordable housing supply.
Congress expanded the program in 2018, by making the average income test, so that more families could apply, but, the test has barley been used, because of proposed rules from the IRS to administer the test.
In the letter, the senators say that these new regulations are too complicated and risky.
You can read the full letter, by the Todd Young and Michael Bennet, here,
https://www.bennet.senate.gov/public/_cache/files/b/1/b196d799-fbad-49f7-a9d6-faa2aa2a1b8c/8DA0B37832616669EEDFA1B0229A7A79.treasury-and-irs-letter-on-average-income-test.pdf
2 comments
[…] Senator Todd Young, letter on Low-Income Housing Tax Credit Program […]
At what point do we give away so much to those at the bottom “earn” more than those in the middle without ever having to work? What do our genius politicians think will happen when we cross that line?
Some of us think we’ve already crossed that line.
Means tested government benefits is no different than a graduated income tax scheme, it is two sides of the same socialist coin.