This week, The New York Times published a front-page story on the impact of the tax reform bill on affordable housing. The story cites Novogradac’s estimates of the units that will be lost (235,000 units) as a result of the lower corporate rate, provides a good overview of the growing affordable housing needs in our country, and even mentions the Cantwell-Hatch bill for improving the LIHTC.
Tax Reform Tag Archives
Rep. Randy Hultgren (R-IL-14) is circulating a letter to House and Senate leadership opposing the proposed elimination of tax exempt private activity bonds in the House’s version of the Tax Cuts and Jobs Act (H.R. 1), focusing on the need for private activity bonds to support investments in our nation’s infrastructure.Read More
The House is prepared for a Thursday floor vote on The Tax Cuts and Jobs Act (H.R. 1), meanwhile, the Senate Committee on Finance is in its third day of markup and a modified chairman’s mark was released by Chairman Orrin Hatch (R-UT) Tuesday night.Read More
Novogradac & Company has expanded its recent analysis of the currently drafted H.R. 1, the Tax Cuts and Jobs Act, which would reduce the future supply of affordable rental housing by nearly 1 million rental homes, a loss of as much as two-thirds current affordable rental housing production.
That significant reduction in housing production would also mean the loss of more than a million jobs and billions of dollars in business income and federal, state and local tax revenue across the United States. Click here to view the full post on Novogradac & Companies website.
Here is how these losses would break down by state:
A new analysis conducted by the law firm Norris George & Ostrow, PLLC and shared with a number of Senators and Congressional Representatives finds that the elimination of Private Activity Bonds (PABs) proposed in HR 1 would reduce affordable housing production by as much as 75,000 units per year or about 60% of the nation’s annual affordable housing production.Read More
The House Ways and Means Committee has released the full text of its Tax Cuts and Jobs Act. The Committee plans to begin markup on the proposed legislation on November 6, with plans for a House floor vote sometime in mid-November. Several changes within the code would drastically change the landscape of affordable housing and community development.Read More
NH&RA has joined other members of the Affordable Rental Housing ACTION Steering Committee in a letter to the Chairmen and Ranking Members of the Senate Committee on Finance and House Ways & Means Committees urging Congress to include the Affordable Housing Credit Improvement Act of 2017 (S. 548 / HR 1661) in tax reform legislation or any legislation responding to the recent hurricanes and other natural disasters.
Representative Pat Tiberi (R-OH-12), the lead Republican sponsor on the House version of the Affordable Housing Credit Improvement Act (H.R. 1661) and a longtime champion of the Housing Credit, announced last week that he will leave Congress no later than January 31, 2018, nearly a year before his term ends. NH&RA thanks Rep. Tiberi for his longstanding leadership on affordable housing, and will work with Rep. Tiberi to identify a new lead House Republican champion for the Housing Credit.