Wyden Press Release on Affordable Housing Priorities for Next COVID-19 Relief Package

Senate Finance Committee Ranking Member Ron Wyden (D-OR) announced that he will press to include Housing Credit enhancements in the next coronavirus relief bill, including many of NCSHA’s priorities. Senator Wyden’s priorities for the next bill include suspending Housing Credit compliance requirements and deadlines for 12 months, as NCSHA has requested of IRS; setting a minimum 4 percent rate for bond-financed properties and other changes to augment equity in those deals; closing the Qualified Contract loophole; providing resources to help Housing Credit property owners if tenants are unable to pay their rents; allowing investors to begin receiving credits on time, even if properties are struggling with lease-up; and providing additional support to properties that serve extremely low-income households, including those who are formerly homeless, to cover the costs of services.