![The Affordable Housing Tax Credit Coalition [main graphic] A group of developers, syndicators, lenders, nonprofit groups, public agencies, and others concerned with the low-income housing tax credit.](/images/feature_graphics/feature8.jpg?1147630025)
On Tuesday, April 22, 2008, the Coalition distributed the attached letter written in regard to a recent White House communication addressed to Speaker of the House Nancy Pelosi (D-CA) advocating against the Housing Assistance Tax Act of 2008 (H.R. 5720).
White House representatives stated the White House "opposes raising the bond cap to finance rental housing, or increasing the attractiveness of tax credits for investment in rental property" adding that "Congressional action should be focused on helping families remain in their homes, not on subsidizing the investments of rental property owners."
In its response, the Coalition indicated it strongly supports H.R. 5720, the Affordable Housing Tax Act of 2008, noting the legislation's strong bipartisan support. The Coalition's letter went on to detail how the lack of safe, affordable rental housing is contributing to the overall housing crisis as more and more homeowners are facing foreclosure particularly in low- and moderate-income communities. Further, the Coalition argues that "affordable rental housing can stabilize and sustain neighborhoods in the long term."
