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2017 Tax Reform Resource Page

 

The House Ways and Means Committee recently released the Tax Cuts and Jobs Act, a bill that proposes sweeping tax reform. NALHFA came out in strong opposition to several of the provisions of this legislation as it would have devastating impacts on the affordable housing industry. Click here to read NALHFA’s full statement.

 

ACT TODAY! Reach out to your Members of Congress about these harmful provisions that weaken and eliminate valuable affordable housing tools. Some of the issues to mention include:

  • The tax exemption on private activity bonds (PABs) would be eliminated through this legislation. This includes multifamily Housing Bonds which are critical to the Low Income Housing Tax Credit (Housing Credit) program. NALHFA urges Congress to preserve private activity tax exempt housing bonds.
  • Another essential affordable housing tool, the Mortgage Credit Certificate (MCC), is also repealed in this legislation. Housing Finance Agencies have helped hundreds of thousands of homebuyers by converting some of their bond authority to MCCs which provide the homebuyer with a federal tax credit for interest paid on their mortgage. NALHFA urges Congress to preserve the Mortgage Credit Certificate.
  • The corporate tax rate would drop from 35 percent to 20 percent effective January 1, 2018. This drop would likely make investment in Housing Credits less appealing.  NALHFA urges Congress to make adjustments to offset the impact of a lower corporate rate on Housing Credit investment.
  • The New Markets Tax Credit (NMTC) allocation authority would be eliminated after 2017. The NMTC has been authorized through 2019, so this legislation would void the two years of allocation that has already been authorized. The historic rehabilitation credit would be repealed beginning in 2018. The energy credits would be phased out. NALHFA urges Congress to preserve all tax credits that alleviate the affordable housing crisis plaguing every city, county, and state in the nation. 

Below are some resources you can use to help your local housing finance agency advocate for the preservation of the important affordable housing tools that are on the chopping block through this legislation. 

 

Tax Reform Talking Points

Private Activity Tax Exempt Bonds One-Pager

Social Media Guide

House Ways and Means Committee Member Template Letter

House Ways and Means Committee Member Contact Information

Senate Finance Committee Member Contact Information

Council of Development Finance Agencies (CDFA) Letter Signed by NALHFA

The Full Bill and Summary Documents

 

If you need additional resources or assistance regarding tax reform advocacy efforts, please contact NALHFA's Policy Director, Heather Voorman at hvoorman@nalhfa.org or 202-367-2405. 

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5/9/2018 » 5/12/2018
2018 NALHFA Annual Conference

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