|Posted:||November 13, 2015 04:12 PM|
|From:||Senator Vincent J. Hughes|
|To:||All Senate members|
|Subject:||Addition of Affordable Housing to Neighborhood Assistance Tax Credit|
|In the near future I plan on introducing legislation to amend the Neighborhood Assistance Tax Credit to expand the eligible projects to include affordable housing projects. This bill would not increase the amount of the tax credit currently authorized.
The Neighborhood Assistance Tax Credit was designed to encourage investment by businesses in our communities. I believe that affordable housing projects are the type of investments that are needed in our communities and the type of projects the Neighborhood Assistance Tax Credit envisioned.
Since the great recession many individuals and families have struggled financially. While the stock market has rebounded, many of our communities have not. Many families continue to struggle with the difficult decision of paying their mortgage or putting food on the table. By amending the Neighborhood Assistance Tax Credit to include affordable housing projects, we can help reduce the instances of these difficult decisions.
I hope you join me in cosponsoring this worthy legislation. If you have any questions, please contact Mike Deery in my office at 717-787-7112.
Introduced as SB1263