Today the Joint Center for Housing Studies (JCHS) at Harvard University released the State of the Nation’s Housing 2019, its annual assessment of the housing market, demographic trends and the housing challenges faced by U.S. households.
Enterprise's commitment to the Low-Income Housing Tax Credit -- including creating and preserving 154,000 affordable homes over the last 30 years -- has led us to create a distinct entity focused on the Housing Credit that will enhance our ability to meet the needs of our investor and developer partners.
Yesterday the Government Accountability Office (GAO) released a report on Low-Income Housing Tax Credit (Housing Credit) development costs, which analyzes total development costs in Housing Credit properties across 12 allocating agencies between 2011 and 2015.
Today the National Council of State Housing Agencies (NCSHA) published a new report, Variation in Development Costs for LIHTC Projects, which analyzes total development costs in Low-Income Housing Tax Credit (Housing Credit) developments nationwide.
The report, which documents the gap between wages and the cost of housing, and breaks down and maps housing wage data by state, metropolitan area and county, also points out that in no jurisdiction can a worker earning the federal or prevailing state minimum wage afford a two-bedroom rental home at FMR by working a standard 40-hour week.
The House and Senate have both approved the conference report of the Tax Cuts and Jobs Act. The House passed the bill yesterday by a vote of 227 – 203, with 12 Republicans and all Democrats voting against it, and had to vote again today because of some technical corrections that arose during Senate consideration.
A new report from the Bipartisan Policy Center, Building the Case: Low-Income Housing Tax Credits and Health, uses the robust evidence base linking affordable housing to better health outcomes to conclude “the Low-Income Housing Tax Credit contributes positively to the nation’s public health.”
Yesterday, the House passed its tax reform bill, which would have devastating impacts on affordable housing and community development. The Senate also passed its tax reform bill out of Committee yesterday and will plan to send the bill to the Senate floor for a vote the week of November 27. Now is the last opportunity advocates may have to advocate for the Housing Credit, Housing Bonds and NMTC in the tax reform process.
Last night Senate Finance Committee Chairman Orrin Hatch (R-UT) released a modified chairman’s mark for the Senate version of the “Tax Cuts and Jobs Act,” which includes many significant changes from the version released last Thursday.
The Senate tax reform proposal retains the Housing Credit and the tax-exemption on private activity bonds (including multifamily Housing Bonds), and preserves the New Markets Tax Credit through 2019. Enterprise thanks the Senate Finance Committee for recognizing the value of these critical affordable housing and community development programs, and urges Congress to retain Housing Bonds and ensure that Housing Credit production is sustained as tax reform progresses.
The House Ways and Means Committee introduced tax reform legislation today that would have significant impacts on affordable housing and community development programs. The legislation proposes retaining the Housing Credit, eliminating the New Markets Tax Credit and eliminating the tax exemption on private activity bonds.
Congress passed a budget resolution that paves the way for comprehensive tax reform to be accomplished in fiscal year (FY) 2018. Now is a critical time for all Low-Income Housing Tax Credit and New Markets Tax Credit advocates to make the case for retaining and strengthening these programs in tax reform.
Now that administration and congressional Republican leadership have released their “Unified Framework for Fixing Our Broken Tax Code,” the tax-writing committees in the House and Senate are negotiating details and drafting legislation. The House Ways and Means Committee is expected to release its tax bill as early as next week, and the Senate Finance Committee is aiming to follow soon after. While the framework proposed retaining the Low-Income Housing Tax Credit (Housing Credit), it was silent on the tax exemption for Housing Bonds, which provide critical financing to roughly half of all Housing Credit properties, and on the New Markets Tax Credit (NMTC), which is essential for attracting private capital and jobs to some of the nation’s most distressed communities.