Wyden cheers expanded low-income housing tax credit

Sen. Ron Wyden, D-Ore., said Friday that the expanded low-income housing tax credit in the large government spending bill that passed the Senate will provide much-needed affordable housing help for families in Oregon and nationwide.

The 12.5 percent increase in the allocation of low-income housing tax credits for the states and income-test adjustments benefiting the lowest-income renters is expected to generate 35,000 new affordable housing units and 40,000 jobs all across America over the next decade.

“Building on the proven success of the low-income housing credit ensures that more Oregonians have an opportunity at a roof over their heads,” said Wyden, ranking member of the Senate Finance Committee. “This legislation will help answer the need for more affordable housing in every corner of our state.”

Meanwhile, fellow Sen. Jeff Merkley, D-Ore., released the following statement Friday regarding a House bill, H.R. 4790, that attacks the Volcker Rule by exempting banks under $10 billion from the rule and by eliminating enforcement oversight from four federal regulators, leaving the Federal Reserve as the sole regulator to enforce the rule:

“This bill is a terrible idea. It makes absolutely no sense to shut down the Wall Street casino in big banks, only to throw the doors back open to risky gambling in our small community banks. Americans want their small community banks to take deposits and make loans investing in their local communities, not make big bets on the future price of stocks, securities and currency.

“It’s equally alarming that this bill seeks to take four regulators off the beat and leave the Federal Reserve as the sole regulator in charge of enforcing the Volcker Rule. There’s a reason this change is one of Goldman Sachs’ top priorities: Rules of the road only work if regulators are willing to enforce them. History has proven that the Fed does not actively police Wall Street nor does it have the will to enforce a rule like Volcker – which is exactly why the biggest Wall Street banks are clamoring for this change.”