Urge House and Senate lawmakers to protect Affordable Housing through the tax reform process
The good: The Senate has released its tax reform bill, and it preserves both the Housing Credit and multifamily Housing Bonds (private activity bonds), which trigger the 4% housing credits.
The bad: The House bill repeals the tax exemption on private activity bonds, jeopardizing about half to two-thirds of all LIHTC production.
The ugly: Without adjustments to both the House and Senate bills to protect the Housing Credit program, the lowered corporate tax rate could significantly reduce affordable housing production.
TELL HOUSE REPS: Preserve the tax exemption on multifamily Housing Bonds
- The House tax reform bill heads to the “floor” for consideration by the full Congressional Chamber this week. Before the vote, let your Representatives know that as written, the House bill reduces annual LIHTC production by up to two-thirds.
TELL SENATORS: Offset the impact of a lower corporate rate
- The Senate Committee on Finance has released its version of the tax reform bill, and it includes significant improvements over the House bill. Thank Senators and urge them to make adjustments to offset the impact of a lower corporate tax rate to protect LIHTC investment.
TELL CONGRESS: Strengthen and expand the Housing Credit
- As tax reform progresses, urge all Members of Congress to include bipartisan provisions that strengthen and expand the Housing Credit from the Cantwell-Hatch / Tiberi-Neal “Affordable Housing Credit Improvement Act” (S. 458 / H.R. 1661)
Save and Expand the Low Income Housing Tax Credit
Today, NAHMA sent this letter thanking the Senate Finance Committee for recognizing the value of both the Housing Credit program and the multifamily Housing Bonds, but urging the Committee to make adjustments to protect Housing Credit investment in light of a lower corporate tax rate.
TELL CONGRESS: Affordable Housing production is critical for communities and industry
- Urgent Action Needed in the Senate: Please email this letter to your legislators on the Senate Finance Committee to let them know that the LIHTC investment is critical for homes and jobs in every state:
- Thank your Senators for retaining both the Housing Credit and Housing Bonds, and urge them to tell Chairman Hatch to hold his ground on retaining these programs in the final bill; also ask that your Senators convey support to the Chairman for preserving the production power of the Housing Credit in a lower corporate tax rate
- Majority Members: Chairman Orrin Hatch (R-UT); Rob Portman (R-OH); Bill Cassidy (R-LA); Dean Heller (R-NV); Johnny Isakson (R-GA); Mike Crapo (R-ID); Pat Roberts (R-KS); Richard Burr (R-NC); Pat Toomey (R-PA); Tim Scott (R-SC); John Thune (R-SD); John Cornyn (R-TX); Mike Enzi (R-WY); Chuck Grassley (R-IA)
- Minority Members: Ranking Member Ron Wyden (D-OR); Michael Bennett (D-CO); Mark Warner (D-VA); Sherrod Brown (D-OH); Maria Cantwell (D-WA); Robert Menendez (D-NJ); Thomas Carper (D-DE); Ben Cardin (D-MD); Bob Casey (D-PA); Claire McCaskill (D-MO); Debbie Stabenow (D-MI); Bill Nelson (D-FL)
- Urgent Action Needed in the House: Please send this tax reform statement to your House Representatives to let them know that affordable housing is critical for both the industry and the communities they represent.
- Ask your House Representatives to convey support to House Speaker Ryan and Chairman Brady for restoring multifamily Housing Bonds, and ask them to tell Speaker Ryan and Chairman Brady that they must also retain the Housing Credit’s production power in a lower corporate tax rate environment.
TAILOR YOUR MESSAGE: Visit the following websites for more information and advocacy materials
- ACTION Campaign – Talking Points on Multifamily Housing Bonds, Sample letters to Congress requesting support for the Housing Credit and Housing Bonds, and state and district factsheets on the impacts of LIHTC
- Novogradac & Company – Analysis of the Tax Cuts and Jobs Act’s impact on affordable housing and state-by-state estimates