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NYHC to Testify at State Housing Budget Hearing
On January 24th, NYHC will testify before the NY Joint Legislative Hearing on Housing. Please find the transcript of Rachel Fee’s testimony below. “My name is Rachel Fee. I am Executive Director of the New York Housing Conference (NYHC). I would like to thank the Committee Chairs Cymbrowitz & Little, and other Committee Members, for […] Read More -
Senate Votes To End Federal Shutdown
This afternoon, the Senate voted for a short-term funding bill through February 8th, avoiding costly delays and disruptions. The House is expected to pass similar legislation soon. If the shutdown continued for a short period, most HUD Programs that pass through city or state housing agencies are “floated” by local government and later reimbursed so […] Read More -
NY State Executive Budget Analysis
Last week, Governor Andrew Cuomo announced his Fiscal Year 2019 Executive Budget of $168 billion for New York State, a 2.3% increase over last year. With great emphasis on the impact of both federal tax policy and budget cuts on New Yorkers, Governor Cuomo proposed a budget that closes a projected gap of $4.4 billion […] Read More -
2018 Policy Priorities Announced
Each year, in consultation with our Advisory Board, New York Housing Conference establishes annual policy priorities for affordable housing regulatory and budgetary issues at the City, State and Federal levels, which guide our advocacy and education programming throughout the year. Our full agenda for 2018 budgetary, statutory and policy recommendations can be downloaded here. Be an advocate in 2018, bring it with […] Read More -
Tax Bill Conference Report Preserves PABs!
On Friday, Congress came to agreement on tax reform in a conference report on the Tax Cuts and Jobs Act, reconciling the differences between the House and Senate bills. Private Activity Bonds and the 4% Low Income Housing Credit are retained in the final tax bill. These critical programs, which provide the financing for nearly half of affordable housing in the U.S, were […] Read More -
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