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The A Call To Invest in Our Neighborhoods (ACTION) Campaign is a national, grassroots coalition of over 2,100 national, state, and local organizations and businesses calling on Congress to protect, expand, and strengthen the Low-Income Housing Tax Credit. Its most immediate focus is the omnibus Fiscal Year (FY) 2018 spending legislation currently being negotiated in Congress, which must pass by March 23. This deadline was put in place Feb. 9, when a brief government shu...
The IRS recently issued Revenue Procedure 2018-18, which includes updated low-income housing tax credit (LIHTC) and private activity bond (PAB) state cap numbers based on a chained consumer-price index introduced by tax legislation that passed in December.
A report recently released by the University of Bristol, U.K., and the Nature Conservancy entitled, “Estimates of Present and Future Flood Risk in the Conterminous United States,” concludes that FEMA’s flood hazard maps account for only one-third of the total population that is exposed to serious flooding.
According to media reports, the White House is expected to release President Trump’s infrastructure proposal soon. The proposal includes guiding principles for a $1.5 trillion infrastructure package. During President Trump’s State of the Union address, he called on streamlining the permitting process and added that the proposal will also include details for rebuilding initiatives in rural regions.
A recent op-ed by The New York Times editorial board highlighted the significant threats to affordable housing production following the adoption of last year’s tax reform legislation. The Tax Cuts and Jobs Act reduced the top corporate tax rate from 35 to 21 percent, which has reduced pricing and subsequent production for the LIHTC, the nation’s primary tool for developing new affordable housing.
Back in November, both Fannie Mae and Freddie Mac announced they are now re-entering the Low Income Housing Tax Credit market, the federal program that encourages investment of equity into affordable rental housing. Following this news, Fannie Mae recently announced it will invest $100 million to help Hurricane Harvey-impacted areas and underserved markets with a low-income housing tax credit fund that will focus on supporting affordable multifamily housing.
Senator Orrin Hatch, the longest-serving Republican senator, recently announced that he will not seek reelection in November. Last year, Senator Hatch and Senator Maria Cantwell of Washington re-introduced the bipartisan Affordable Housing Tax Credit Improvement Act of 2017. The bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit "the affordable housing credit" and make several modifications to the credit....
The California Public Utilities Commission (CPUC) recently approved the creation of the Solar on Multifamily Affordable Housing (SOMAH) program. Funded by the statewide greenhouse gas cap-and-trade program, it will provide $100 million in annual solar installation incentives for the owners of affordable multifamily buildings.
An article by Jeff Larrimore and Jenny Schuetz recently published by the Federal Reserve, Assessing the Severity of Rent Burden on Low-Income Families, found that housing costs are a severe financial burden to many low-income families and that households that have little income left after paying rent may not be able to afford other necessities, such as food, clothes, health care, and transportation.