Urgent! Call Congress Today to Save Affordable Housing

Tuesday, November 7, 2017

Urgent! Call Congress Today to Save Affordable Housing

The House Ways and Means Committee released its tax reform legislation (The Tax Cuts and Jobs Act-HR1) last week. The bill, as written, will have a devastating effect on the affordable housing industry. The primary reason is the proposal to eliminate Tax Exempt Private Activity Housing Bonds. These bonds work with 4% as-of-right Low Income Housing Tax Credits (Housing Credits) and drive about half of the affordable housing development statewide and an increasing share of supportive housing.

Please call the following members of Congress:
Reed 202-225-3161
King 202-225-7896
Donovan 202-225-3371

Read this message:
Please support the restoration of Private Activity Housing Bonds in any tax reform legislation. Without these bonds, NYS will lose 17,000 affordable homes yearly.

Please also call your member of congress today and tell them you “demand the restoration of private activity Housing Bonds to the tax plan.”

Here are some talking points:

  • Over a 5-year period, Housing Bonds have created more than140,000 jobs across the state.
  • The elimination of the Housing Bond would cost New York $4.5 billion annually in financing and would reduce NYS housing production by 17,000 affordable homes each year.
  • This program is critical to affordable housing development and preservation in New York.The elimination of private activity Housing Bonds would be a devastating blow to affordable rental housing in New York as well as to affordable homeownership opportunities for many first-time homebuyers receiving home financing through theSONYMA.
  • As the Ways and Means Committee begins its mark-up, we ask that the private activity Housing Bonds be restored.

The tax reform bill has other provisions that are detrimental to affordable and supportive housing production.

  • While the 9% LIHTC program would be retained, it will be weakened by the lower corporate tax rate.
  • New Markets Tax Creditand Historic Tax Creditare alsorepealed in this bill - they are often used to support community development and/or affordable housing projects.

For more information, please call Steve Piasecki at 518-465-3233 or email spiasecki@shnny.org.

Stephen Piasecki
Upstate Coordinator
Supportive Housing Network of New York
146 Washington Avenue
Albany, New York 12210