Federal Tax Package Passes the House – 357-40 , Now What? On to the Senate
Call to Action: Call your Senators and emphasize how important passing this legislation will be for families and households across North Carolina!
On the evening of February 1st, 2024 – The House of Representatives voted- 357-70- to pass the Tax Relief for American Families and Workers Act (H.R. 7024) a bipartisan tax legislation which includes two critical Low Income Housing Tax Credit (Housing Credit) production priorities from the Affordable Housing Credit Improvement Act 2023 (S.1557/H.R.3238) – the restoration of the 12.5 percent allocation increase for 2023-2025, and lowering the 50 percent bond financing threshold to 30 percent for 2024-2025.
Next Steps: Engage with your Senators!
The bill moves to the Senate for consideration and we need you to weigh in and urge your senators to vote for the enactment of the Tax Relief for American Families and Workers Act. According to Novogradac, the addition of these provisions could lead to the production or preservation of an additional 200,000 units. Additionally, with the state of the affordable housing crisis, delaying this kind of production and preservation impact would only lead to a worsening of the crisis and even higher costs and risks down the line.
In addition to the two key AHCIA provisions – the legislation enhances the Child Tax Credit to provide relief to lower-income families. This enhancement is smaller than a pandemic-era increase but it would still have a life changing impact on at least half a million children according to the Center on Budget and Policy Priorities. While expanding LIHTC will create and preserve additional housing, there is still a portion of families in our state and country that cannot afford their rent. The changes to the Child Tax Credit would provide limited but critical support for low-income families when it comes to paying rent. We must not pass up this opportunity to support building and preserving affordable housing, and supporting children and their families.
Email Template to submit to your Senators – Click here.
Contact Information for your NC Senators can be found here.
Last Day to submit public comment to NCDOI regarding the NC Rate Bureau’s proposed Insurance Rate Hike
Call to Action: Submit your comments TODAY, share how the proposed insurance hikes would impact your home, your life, your community, your business, and more!
Public comments are due TODAY Friday, February 2.
- Emailed public comments should be sent to NCDOI.2024Homeowners@ncdoi.gov
- Written public comments must be received by Kimberly W. Pearce, Paralegal III and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201
The North Carolina Rate Bureau – an agency that represents companies that write insurance policies in the state is requesting an average 42.2 percent rate increase for homeowners’ insurance; with 99% increases along the coast. Here is a detailed list by cities and counties of the requested increases.
Additional opportunities to engage:
- If you are comfortable sharing stories about how this would impact you, your community, your business etc – please fill out the following form.
- AARP has also launched advocacy efforts against this – https://action.aarp.org/NCInsuranceRates
FY24 THUD Funding – In danger? Keep engaging with Congress to protect critical Housing & Community Development Funding!
Call to Action: Contact your members of Congress and keep urging them to pass a final fiscal year FY2024 spending bill that provides increased funding for HUD’s vital affordable housing and homelessness programs, including full funding to renew all existing Housing Choice Voucher (HCV) contracts. Use this link here to contact them.
Congressional Leaders have reached an agreement on how to divvy up the total available funds amongst domestic priorities, recently the funding level for the U.S Department of Homeland Security was leaked, and the amount suggests a significant boost over levels previously proposed, meaning the available funding remaining is even tighter for HUD’s critically important affordable housing and homelessness programs.
We know without increased funding to HUD’s housing and homelessness programs, CURRENT households that are receiving assistance are at risk of losing their support and even their homes.
For a full list of the contact information for the Congressional Delegation from North Carolina, visit this link here.
