Washington, DC. Nixon Peabody tax credit finance partner, Richard Goldstein, played a significant role in a recent Congressional effort to expand and strengthen the low-income housing tax credit. The Affordable Housing Credit Improvement Act of 2016 was introduced to Congress on May 19 and could have a major impact on the amount of production of much-needed affordable housing.
Rick provided counsel, lobbying and strategic advice to the Affordable Housing Tax Credit Coalition (AHTCC), which Rick has represented for more than 25 years. The coalition is a national organization that works with Congress to educate its members about the housing tax credit. This legislation, introduced by Senator Maria Cantwell (D-Wash) and Senator Orrin Hatch (R-Utah), would phase in a 50% increase in allocated credits to the state allocating agencies over five years, establish a permanent 4% credit floor for acquisitions of existing property and bond-financed transactions, and create an income averaging provision. Upon introduction of the legislation, Senator Cantwell noted that the act would finance the development or preservation of up to 400,000 additional affordable homes over the next decade.
Rick, a partner in Nixon Peabody’s Tax Credit Finance & Syndication practice, has been deeply involved in the low-income housing tax credit since its enactment in 1986, and is a national authority on that program. Rick represents syndicators, investors, developers and other participants in transactions involving the housing tax credit.