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On June 1, 67 mayors representing communities across 28 states and the District of Columbia sent a letter to House and Senate leaders, urging Congress to establish a minimum 4 percent rate for bond-financed properties and lower the “50 percent test” financed-by threshold that bond-financed properties must meet to receive 4 percent Housing Credits in the next coronavirus relief legislation. The letter explains how the drop in the 4 percent minimum Housing Credit rate is threatening the viability of LIHTC sites.
