WASHINGTON, D.C. – Enterprise Community Partners today applauds the Senate Finance Committee for including language in its budget reconciliation package proposal that would permanently extend the New Market Tax Credit and strengthen the Low-Income Housing Tax Credit, a resoundingly bipartisan way to expand the housing supply and economic opportunity in every part of the nation.
Shaun Donovan, CEO and president of Enterprise Community Partners, said the following:
“The Senate has just taken a monumental step toward increasing the number of affordable homes for communities nationwide, responding to the national demand to lower costs for families in every corner of this country. Expanding and strengthening the Low-Income Housing Tax Credit will create over one million additional affordable homes at a time when they are so desperately needed, keeping costs down for hardworking families.
“What’s more, making the New Market Tax Credit permanent will not only allow for development in under-served communities – it also gives businesses certainty that the federal government stands behind local investments that drive growth. This commonsense, bipartisan solution will also create local jobs and jumpstart local economies in rural, Tribal, and urban communities.
“We hope that this language remains in the final package and urge Congress to uphold these provisions as a critical investment in affordable housing, economic mobility, and community development.”
About Enterprise Community Partners
Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested nearly $80.9 billion and created over 1 million homes across all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands – all to make home and community places of pride, power, and belonging. Join us at enterprisecommunity.org.