The National Commission on Fiscal Responsibility and Reform has released a draft proposal to reduce the federal debt and overhaul the tax code. The plan would likely affect the affordable housing community on multiple fronts. The draft proposal calls to bring discretionary spending levels for FY-2012 back to FY-2010 levels. The proposal also calls for 1% cuts in discretionary budget authority from FY-2013-2015. This would likely result in across the board decreases in funding levels for key HUD programs including CDBG, HOME, and Section 8. The proposal also calls for the establishment of a Cut-and-Invest Committee to de-authorize outdated, low-priority and inefficient programs. The draft proposal also considers a number of comprehensive tax-reform plans. Many options are proposed but all include proposals that would modify or eliminate some or all of the $1.1 trillion of tax expenditures (which would include business tax credit programs like the LIHTC, Historic Credit and/or New Markets Tax Credit). Read More…
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