House Ways and Means Committee Advances Housing Credit Provisions

House Ways and Means Committee Advances Housing Credit Provisions

After four days of deliberations, on September 15, the House Ways and Means Committee reported its Build Back Better reconciliation package by a vote of 24-19.  One Democrat, Rep. Stephanie Murphy (D-FL), joined the 18 Committee Republicans in opposition.

We appreciate the strong support for the Housing Credit voiced by members of the Committee during the markup, and we thank Chairman Richard Neal (D-MA) and Rep. Suzan DelBene (D-WA) for their leadership in advancing the key Housing Credit provisions.  Over 60 amendments were offered during the Committee’s deliberations, but none pertained to the LIHTC.  The housing provisions in Chairman Neal’s underlying mark were not changed.

The House Budget Committee now will incorporate into a single package the recommendations from all House committees that received reconciliation instructions set out in the Fiscal Year 2022 Budget Resolution.  In that regard, we want to note that on September 14, the House Financial Services Committee reported its reconciliation package, containing substantial housing provisions, by a vote of 30-24.

Following Budget Committee action, it is expected that a number of changes will be made to the bill before it is considered on the House floor.  Many House Democrats are encouraging robust discussions between the House and Senate to determine what provisions need to be changed, added, or deleted before House consideration in order to keep House Democrats on board and ensure that the bill can pass the Senate.  With the thin House Democratic majority and the 50-50 split in the Senate, it will be a challenge to reach the right balance for the bill to be enacted into law.

We will keep you posted regarding developments on what will be a challenging path forward for the Build Back Better Act.  Thanks to everyone for helping make the case for additional affordable housing resources, and please continue your good work. Let us know if we can provide any assistance.