Analysis of federal legislation shaping public and affordable housing.
LIHTC
2026 is the first allocation year under the permanent Low-Income Housing Tax Credit expansion in the One Big Beautiful Bill Act (P.L. 119-21). State credit ceilings for 9% credits rose 12%, and the private activity bond test for 4% deals dropped from 50% to 25% of aggregate
Legislation & Policy
Congress does not often pass significant housing legislation. When it does, it usually passes narrowly, along party lines, and gets unwound two administrations later. That is not what happened this summer. The 21st Century ROAD to Housing Act cleared the Senate 85-5 and the House 358-32, and became