MAA Members,

Last night, MBA’s President & CEO, Bob Broeksmit, CMB, issued a statement on the passage of H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024,” which cleared the U.S. House of Representatives by a strong vote of 357 to 70.

The enhancements to the Low Income Housing Tax Credit (LIHTC) program contained in the bill’s affordable housing title, if enacted, will directly address the supply and affordability challenges within the U.S. multifamily market by helping to produce an estimated 200,000 additional rental units over the next two years.

MBA strongly supported the bill’s housing provisions in a letter to House leadership before the vote yesterday – in addition to MBA’s prior letter before the bill’s House Ways and Means Committee markup, the signing of various coalition letters, and our collective efforts with the most recent Mortgage Action Alliance (MAA) Call to Action. 

MBA will keep you informed on next steps, as the timing of parallel Senate action on the bill is still to be determined. Thank you to our advocates for acting quickly last week – and again yesterday – to urge all U.S. Representatives to support H.R. 7024 and vote in favor of the bill!

For more information, please contact Bill Killmer at (202) 557-2936.