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Grassroots Alert: Urge Lawmakers to protect the Housing Credit

11 December 2017
 December 11, 2017
Category Grassroots, Latest

This week is critical for the Housing Credit. Now that the House and Senate have both passed separate versions of tax reform legislation, a conference committee will begin the formal work of reconciling differences between the two bills. More information about tax reform is available in our recent NAHMAnalysis on the tax reform bills.

Advocate to protect the Housing Credit. Please take a moment to contact all conferees, as well as all Republican members of the House and Senate who represent you, and ask them to retain the housing credit and multifamily bonds.

Please ask lawmakers to retain Housing Bonds in the final tax reform bill.  Without the multifamily housing bonds, LIHTC production could be reduced by 50% annually. Please request that your lawmakers share the projected negative impacts on their states with leadership and the conferees:

Senate Republican Conferees Impact of Tax Reform bill

over 10 years

Conference Chair: Finance Committee Chairman Orrin Hatch (R-UT)* ·         Utah would lose 7,140 rental homes, 8,070 jobs, $679,196,000 in business income and $261,229,000 in federal, state and local taxes over 10 years.
Sen. Mike Enzi (R-WY) ·         Wyoming would lose 360 rental homes, 410 jobs, $34,299,000 in business income and $13,192,000 in federal, state and local taxes over 10 years.
Sen. Lisa Murkowski (R-AK)** ·         Alaska would lose 1,760 rental homes, 1,980 jobs, $166,964,000 in business income and $64,217,000 in federal, state and local taxes over 10 years.
Sen. John Cornyn (R-TX) ·         Texas would lose 48,590 rental homes, 54,910 jobs, $4,620,840,000 in business income and $1,777,246,000 in federal, state and local taxes over 10 years.
Sen. John Thune (R-SD) ·         South Dakota would lose 360 rental homes, 410 jobs, $34,299,000 in business income and $13,192,000 in federal, state and local taxes over 10 years.
Sen. Rob Portman (R-OH)** ·         Ohio would lose 80,680 rental homes, 91,160 jobs, $7,671,310,000 in business income and $2,950,504,000 in federal, state and local taxes over 10 years.
Sen. Tim Scott (R-SC)** ·         South Carolina would lose 8,140 rental homes, 9,200 jobs, $773,868,000 in business income and $297,642,000 in federal, state and local taxes over 10 years.
Sen. Pat Toomey (R-PA) ·         Pennsylvania would lose 12,810 rental homes, 14,480 jobs, $1,218,094,000 in business income and $468,498,000 in federal, state and local taxes over 10 years.

*Sponsor of Affordable Housing Credit Improvement Act (S. 548)

**Co-sponsor of S. 548

 

House Republican Conferees Impact of Tax Reform bill

over 10 years

Conference Chair: Ways and Means Chairman Kevin Brady (R-TX-08) ·         Texas would lose 48,590 rental homes, 54,910 jobs, $4,620,840,000 in business income and $1,777,246,000 in federal, state and local taxes over 10 years.
Rep. Devin Nunes (R-CA-22) ·         California would lose 262,110 rental homes, 296,180 jobs, $24,923,472,000 in business income and $9,585,951,000 in federal, state and local taxes over 10 years.
Rep. Peter Roskam (R-IL-06) ·         Illinois would lose 18,120 rental homes, 20,480 jobs, $1,723,217,000 in business income and $662,776,000 in federal, state and local taxes over 10 years.
Rep. Diane Black (R-TN-06) ·         Tennessee would lose 13,510 rental homes, 15,260 jobs, $1,284,501,000 in business income and $494,039,000 in federal, state and local taxes over 10 years.
Rep. Kristi Noem (R-SD at large)* ·         South Dakota would lose 360 rental homes, 410 jobs, $34,299,000 in business income and $13,192,000 in federal, state and local taxes over 10 years.
Rep. Rob Bishop (R-UT-01) ·         Utah would lose 7,140 rental homes, 8,070 jobs, $679,196,000 in business income and $261,229,000 in federal, state and local taxes over 10 years.
Rep. Don Young (R-AK at large)* ·         Alaska would lose 1,760 rental homes, 1,980 jobs, $166,964,000 in business income and $64,217,000 in federal, state and local taxes over 10 years.
Rep. John Shimkus (R-IL-15)* ·         Illinois would lose 18,120 rental homes, 20,480 jobs, $1,723,217,000 in business income and $662,776,000 in federal, state and local taxes over 10 years.
Rep. Fred Upton (R-MI-06) ·         Michigan would lose 9,580 rental homes, 10,830 jobs, $911,125,000 in business income and $350,433,000 in federal, state and local taxes over 10 years.

*Co-sponsor of Affordable Housing Credit Improvement Act (H.R. 1661)

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Please don’t hesitate to reach out to NAHMA Government Affairs staff for assistance. This grassroots alert is also available online here.

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