NJ’s Representatives Must Vote No; Senate Should Work on Better Tax Reform to End Housing Poverty
In a statement published on November 6, 2017, National Low Income Housing Coalition President and CEO Diane Yentel writes, “The Price of Tax Reform Must Not Be More Housing Poverty.”
Writes Yentel, “Comprehensive tax reform offers a once-in-a-generation opportunity to address one of the biggest barriers to economic success for families struggling to get by: the lack of decent, accessible and affordable homes for the lowest income people.
Nationally, there are just 35 homes affordable and available to every 100 of the lowest income families. Due to chronic under-funding of critical affordable housing programs, just one in four low income households in need receives any assistance. The rest either live on the cusp of homelessness – most paying more than half of their income on rent – or they are one of the hundreds of thousands of people who have no homes at all.”
Yentel points out how the current House Republican’s Tax Reform Proposal jeopardizes the lives of low-income households and the future of affordable housing.
“Instead of seizing the opportunity tax reform presents to re-balance federal housing policy to end homelessness and housing poverty once and for all, House Republicans are working quickly to advance a tax bill that would: increase the severity of the affordable housing crisis by eliminating a critical resource for affordable housing development and preservation; siphon off savings from needed reforms to the mortgage interest deduction to pay for bigger tax breaks for corporations and wealthy households; and significantly increase the likelihood of severe cuts to the entire social safety net in the years ahead.”
Yentel issues a call to action and remind us that now is the “Time to Act.” A House Ways and Means Committee vote on the bill is expected this week with the potential for a full House vote as soon as next week.
Click here for the contact information for New Jersey’s Congressional Delegation.
Please urge your House Member to vote no on the tax bill and
- Preserve the tax exemption on multifamily Housing Bonds;
- Make adjustments to offset the impact of a lower corporate rate on Low Income Housing Tax Credit investments.
- Include the provisions to strengthen the Low Income Housing Tax Credit from the Tiberi-Neal Affordable Housing Credit Improvement Act (H.R. 1661) and
- Retain the New Markets Tax Credit, a successful program with a proven track record as proposed by Tiberi-Neal New Markets Tax Credit Extension Act of 2017 (H.R. 1098).
“Solutions to the affordable housing crisis are urgently needed and within our reach. Congress can and must do better to achieve these solutions in comprehensive tax reform,” conclude Yentel.