Cost Estimates for Legislation That Would Affect Housing Assistance Programs
The Consolidated Appropriations Act in 2024 appropriated $69 billion in fiscal year 2024 for housing assistance programs, an increase of almost $3 billion from fiscal year 2023.
H.R. 7024, Tax Relief for American Families and Workers Act of 2024, would:
- Increase the amount of tax credits available to states under the Low-Income Housing Tax Credit program by 12.5 percent annually for tax years 2023 to 2025, reducing revenues by $2.7 billion over the 2024–2033 period (in CBO’s estimation).
- Reduce the qualifying threshold for certain projects that are financed by tax-exempt bonds, decreasing revenues by $3.6 billion over the 2024–2033 period (in CBO’s estimation).
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