• Senate Passes Tax Bill, House and Senate to Conference

    TAX REFORM IS CERTAIN TO WEAKEN LIHTC BUT FATE OF PRIVATE ACTIVITY BONDS REMAINS UNCLEAR On Dec. 2, the Senate passed the Tax Cuts and Jobs Act. Like the House Bill, it lowers the corporate tax rate from 35% to 20%, which reduces Low Income Housing Tax Credit prices by about 15%. It is expected that this […] Read More
  • HOUSE BILL PASSES WITH PAB ELIMINATION: AFFORDABLE HOUSING AT RISK

    The House tax bill passed yesterday by a vote of 227 – 205, with Rep. Reed, Rep. Tenney, Rep. Katko, and Rep. Collins voting for it in New York. The House tax reform bill eliminates Private Activity Bonds, critical to affordable housing financing.  All hope is not yet lost as the Senate bill, which was voted out […] Read More
  • TAX REFORM UPDATE: SENATE BILL INCLUDES BONDS BUT ELIMINATION IS STILL A THREAT

    The Senate Finance Committee released their tax reform proposal yesterday. Private Activity Bonds,  which generate 4% Low Income Housing Tax Credits, are retained!  With support in the Senate, there is now a chance the program will be preserved as tax reform moves forward. Republicans are extremely motivated to move tax reform forward quickly.  The Senate and […] Read More
  • Tax Bill Will Negatively Impact Disaster Recovery, Public Housing, and Jobs

      New York Will Lose $4.5 Billion in Affordable Housing Investment, 17k Affordable Homes & 28,000 Jobs Annually TAX PLAN FAILS AFFORDABLE HOUSING: Despite the fact that The Tax Cuts and Jobs Act (HR 1) released by House Republicans last week claims to preserve the Low Income Housing Tax Credit, the tax reform bill would […] Read More
  • House Tax Plan Eliminates Housing Bonds: NY Impact Analysis

    NY Will Lose $4.5 Billion, 17k Affordable Homes Annually! The tax reform plan, “The Tax Cuts and Jobs Act (HR 1)“, released by House Republicans yesterday proposes the elimination of Tax-Exempt Private Activity Bonds which generate as-of-right 4% Low Income Housing Tax Credits (LIHTC). Over a 5-year period, housing bonds have created more than 140,000 […] Read More
  • House Passes Senate’s Budget in Move Towards Tax Reform

    On October 26th, the House passed the Senate version of the FY18 budget resolution by a margin of four votes. Many Republicans had voiced concern over the budget levels and deficit increase, but the passage of this budget resolution was necessary for Republicans to move on to tax reform, and since this budget resolution is […] Read More
  • Representative King Cosponsors LIHTC Bill

    House of Representatives Member Pete King (R-NY2) officially cosponsored H.R. 1661, the Affordable Housing Credit Improvement Act today. This commonsense bipartisan legislation strengthens the tax credit and makes it easier to leverage private funds to develop affordable housing for people at a diverse range of incomes. Having met and corresponded with the staff of Rep. King’s office […] Read More
  • Congress Passes & President Signs Second Disaster Spending Bill

    President Trump signed the latest disaster relief legislation today. The $36.5 billion emergency spending bill provides: $18.7 billion for FEMA’s ongoing response to this year’s hurricanes and California wildfires, $16 billion for the National Flood Insurance Program, $576.5 million for the wildfires, and $1.2 billion in nutrition assistance program relief for Puerto Rico. It is […] Read More
  • Representatives Donovan & Stefanik Cosponsor LIHTC Bill

    Both House of Representatives Members Daniel Donovan (R-NY11) and Elise Stefanik (R-NY21) agreed today to cosponsor H.R. 1661, the Affordable Housing Credit Improvement Act.  This commonsense bipartisan legislation strengthens the tax credit and makes easier to leverage private funds to develop affordable housing for people at a diverse range of incomes. Having met with the […] Read More
  • Tax Plan Preserves LIHTC

    Today, President Trump announced a framework to overhaul the federal tax code. The blueprint for tax reform called, “Unified Framework For Fixing Our Broken Tax Code,” aims to reduce the corporate tax rate to 20%, simplifies filing for households by significantly increasing standard deductions and eliminates most itemized deductions while also consolidating the existing 7 […] Read More