Washington, DC – (RealEstateRama) — Elements of the “Tax Cuts and Jobs Act” released yesterday by the House Ways and Means Committee would greatly harm affordable housing, economic revitalization and community development efforts nationwide. The National Housing Conference’s diverse membership of housing stakeholders opposes the elimination of proven tools like private activity mortgage revenue bonds and the New Markets Tax Credit, and supports improvement and expansion of the long-successful Low Income Housing Tax Credit.
The tax bill should retain the Low Income Housing Tax Credit, make improvements to it from the Tiberi-Neal Affordable Housing Credit Improvement Act (H.R. 1661), make adjustments to avoid unintended consequences from the decreased corporate rate, retain the New Markets Tax Credit and retain the exemption for multifamily and single-family mortgage revenue private activity bonds. Only with renewed and expanded investments in people and communities can we ensure that all in America have access to an affordable home in a thriving community.
NHC is still studying other aspects of the far-reaching tax bill and may comment further if other aspects unite our diverse membership.