Stop Tax Reform from Devastating Affordable Housing Production
NAHRO and its national partner, the ACTION Campaign, need your help to preserve components of the tax code critical to the production of affordable housing.
On Thursday, Nov. 2, the House Ways and Means Committee released its Tax Credits and Jobs Act (HR 1), a bill that makes sweeping changes to the nation's tax system. While the bill does retain the 9 percent Low Income Housing Tax Credit (LIHTC), it eliminates Private Activity Bonds (PABs) and multifamily housing bonds that are required components of 4 percent Low Income Housing Tax Credit deals. The bill also fails to include changes to LIHTC proposed by Rep. Pat Tiberi (R-Ohio) and Rep. Richard Neal (D-Ma.) in their Affordable Housing Tax Credit Improvement Act (HR 1661).
The Ways and Means Committee is scheduled to begin mark-up of the legislation on Monday, November 6. Contact your Congressional representatives now to urge them to make these changes to tax reform before it's too late.