Statement from Terri Ludwig, president & CEO of Enterprise Community Partners, on the “Tax Cuts and Jobs Act of 2017”
December 20, 2017 – Enterprise thanks all members of Congress who fought to retain the Low-Income Housing Tax Credit (Housing Credit), multifamily Housing Bonds and the New Markets Tax Credit (NMTC) in the Tax Cuts and Jobs Act. These proven tools are critical to creating and preserving well-designed homes that are affordable for low-income families, seniors, veterans and people with special needs; expanding opportunity; and strengthening communities nationwide.
Enterprise remains deeply committed to our mission of expanding opportunity for America’s low-income families and communities. While the Tax Cuts and Jobs Act will reduce the number of affordable homes we are able to build and preserve given the lower corporate tax rate and other provisions, Enterprise will draw on lessons from previous challenges and work creatively to identify policy and financing solutions to restore us to at least our current level of production.
We will also continue advocating for improvements to these critical programs, including strengthening and expanding the Housing Credit, enacting the Affordable Housing Credit Improvement Act, and permanently extending the NMTC. Enterprise and our partners understand that without additional resources, working families across the country will continue to face unaffordable rent burdens, and distressed communities will continue to suffer from a debilitating lack of investment.
While much work remains to be done, we are grateful that so many lawmakers recognize the value of these programs and mobilized alongside industry advocates to preserve these critical financing tools during a historic tax reform process. Together, we will ensure that all families have access to opportunity.