News

CREFC Joins Real Estate Trades in Support of Tax Bill

January 29, 2024

CREFC on Jan. 26 joined 21 other real estate trade organizations urging members of Congress in a joint letter to support H.R. 7024, The Tax Relief for American Families and Workers Act of 2024. Click here for the letter.

Why it matters: The bill will increase funding for affordable housing through low-income housing tax credits (LIHTC), provide additional tax relief for business interest expenses and R&D, and reinstitute the child tax credit. Click here for our write-up of the bill.

The passage of H.R. 7024 will help increase the supply of housing across the country and have a positive impact on the housing affordability crisis.

By the numbers: The $78 billion package was passed by the House Ways and Means Committee 40-3.

• It is expected to be considered on the “suspension calendar” this week.
• It will likely receive the necessary two-thirds majority to pass on that expedited calendar and then continue on to the Senate.

What's next: If H.R. 7024 successfully passes on the suspension calendar, it will move forward to the Senate for further consideration.

News Archive