(RECAP: Loudoun supervisors approved on Thursday a major rezoning of the long-stalled Lexington 7 property off Route 7. The rezoning includes 60 acres of proffered plotted office development within the 76-acre property to residential, commercial and industrial park uses, permitting at least 113 age-restricted townhomes, a 125-room continuing care facility, a gas station two drive-through restaurant and a restaurant, and commercial buildings. Ahead of the vote Supervisor Umstattd warned the board that she thought it was a “mistake” to convert a “prime commercial corridor” on Route 7 to residential.)

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(RECAP: In a tremendous victory for NMHC and NAA, Senate Finance Committee Ranking Member Ron Wyden (D-OR) on Sept. 22 introduced legislation to spur the production of multifamily rental homes for America’s working families through a Middle-Income Housing Tax Credit (MIHTC) that complements the Low-Income Housing Tax Credit. The apartment industry strongly supports the bill, and we immediately applauded its introduction in a statement, based on our concerns that there is a lack of affordable housing available to millions that comprises the nation’s workforce. For this reason, we worked closely with Senator Wyden to develop his proposal that would make building the needed units financially viable. Specifically, under the “Middle-Income Housing Tax Credit Act of 2016,” states would receive allocations of tax credits that would be distributed competitively to finance 50 percent of the cost of qualifying units.)

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(RECAP: On September 22, Senate Finance Committee Ranking Member Wyden (D-OR) released a discussion draft of legislation that would make a new tax credit program to stimulate the development of rental housing for middle-income households earning up to 100 percent of area median income (AMI). The legislation would make a new section of the tax code for the new program, which would be modeled after the Low Income Housing Tax Credit (Housing Credit) and administered by state agencies. The proposal envisions a state middle-income credit cap of $1 per capita with a small state minimum of $1.14 million, adjusted for inflation in future years. Any middle-income credit authority unused after the first year in which it is received by the state would be carried over into the Housing Credit program for use in developing low-income rental housing. The program would provide a 50 percent present value credit for qualified middle-income properties, with a minimum 5 percent credit rate. Federally financed properties, including those financed with multifamily Housing Bonds, would not be eligible to receive middle-income credits.)

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