Hundreds of Thousands of U.S. Jobs, Tens of Thousands of Affordable Homes, and Billions of Dollars in Construction Activity at Risk Unless the Senate Acts

COLUMBIA, Md., Nov. 15 /PRNewswire/ -- Enterprise Community Partners, Inc. (Enterprise) calls on the Senate to take up and pass the Job Creation and Tax Cuts Act of 2010 (S. 3793), released by Senate Finance Committee Chairman Max Baucus (D-Mont.) on September 16, which includes four essential provisions that would create or save the United States hundreds of thousands of jobs, tens of thousands of affordable homes, and billions in construction activity and investment:

The Gulf Opportunity Zone Low Income Housing Tax Credit (LIHTC) Placed-in-Service Deadline Extension: Without Congressional action before the end of the year to extend the Gulf Opportunity Zone LIHTC placed-in-service deadline, more than 6,000 affordable homes, over 14,000 related jobs and $1 billion in construction activity are at risk. 

"By extending the placed-in-service deadline, we will be able to create more opportunities for residents displaced by Katrina to come home," said Jim Kelly, President of Providence Community Housing. "This critical GO Zone housing legislation will allow developers and nonprofits the time to construct over 6,000 units of affordable housing that have been on hold due to the recent financial recession."

LIHTC Exchange Program: Congress established this program in the Recovery Act to address the decline in LIHTC investment as a result of the economic crisis. While the investment market has recently improved nationally, several states still need this program to continue to build affordable housing, and it should be extended through the end of 2010.

New Markets Tax Credit (NMTC): This important community and economic development tool has raised more than $18 billion in private capital for housing, grocery stores, schools, commercial real estate and other projects in low-income communities and targeted populations that without the Credit wouldn't have been financed. According to the New Markets Tax Credit Coalition, NMTC has created nearly 400,000 new jobs since it was created, assisting more than 15,000 businesses.

National Housing Trust Fund: The poverty rate is the highest it has been in 15 years, and the need for affordable housing for the nation's poorest families has never been greater. When working in conjunction with the LIHTC, the Trust Fund will help finance tens of thousands of affordable homes for families at less than 30 percent of area median income.

"A scarcity of housing that the lowest income families can afford is the principal cause of homelessness in the United States. The National Housing Trust Fund is a powerful and desperately needed development tool that will provide communities here in Maine and across the country with dedicated financing to build, preserve, and rehabilitate low income housing," said Greg Payne, coordinator of the Maine Affordable Housing Coalition.  "Every $1 billion provided to the Trust Fund will support the construction of 10,000 rental homes and the creation of nearly 19,000 construction and permanent jobs."

At a time when the American economy faces a future of uncertainty and citizens across the country are out of work, we cannot afford to miss this opportunity to create hundreds of thousands of jobs and thousands of affordable homes for those in dire need. Enterprise urges Congress to break the partisan gridlock and come together for America by passing the Job Creation and Tax Cuts Act of 2010.

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

SOURCE Enterprise Community Partners, Inc.