From Preservation Action:
Last week President Biden released the American Jobs Plan, a sweeping, $2.3 trillion infrastructure plan. The wide reaching proposal calls for substantial investments in infrastructure and is embedded with efforts to address climate change and racial inequalities. The proposal includes a significant focus on affordable housing and several provisions have the potential to support historic preservation priorities. This includes a $213 billion investment to "build, preserve, and retrofit more than two million homes and commercial buildings". Specifically the proposal calls on Congress to:
- Use existing and new tax credits to "produce, preserve, and retrofit more than a million affordable, resilient, accessible, energy efficient, and electrified housing units". Historic preservation can play an important role in addressing the affordable housing crisis. While not mentioned specifically, this could include increases and enhancements to the Historic Tax Credit (HTC) called for in the Historic Tax Credit Growth and Opportunity Act (H.R. 2294). Since inception, the HTC has created nearly 3 million jobs and produced over 172,000 affordable housing units. Urge your Representative to support of the HTC-GO Act today!
- Pass the bipartisan Neighborhood Homes Investment Act (S.98, H.R. 2143), which would create new federal tax credit toward the cost of rehabilitating or building a home in an area where the cost of purchasing and rehabilitating a home is greater than what the home could be sold for. President Biden's proposal highlights that $20 billion in NHIA credits would build and rehabilitate more than 500,000 homes.
- Invest in "'Main Street' revitalization" through the Economic Development Agency's Public Works program.
While we see opportunities for historic preservation to in the President's plan, we'll also be looking for any provisions that could undermine critical historic preservation protections. Our attention now turns to Congress to see how this plan laid out by President Biden will be turned into actionable legislation. While the administration hopes for bipartisan support, Democrats appear prepared to pursue infrastructure legislation through budget reconciliation, which would only require a simple majority in the Senate. We'll continue to monitor how infrastructure legislation evolves in the coming weeks and months.
Reach out to your Representative and urge them to cosponsor the bipartisan Historic Tax Credit Growth and Opportunity Act today!
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