Proposed changes to the corporate tax rates have stymied funding for affordable housing, according to a California housing executive.
The Trump Administration has vowed to lower taxes for businesses, and this stance has caused a halt since December 2016 in the issuance of letters of intent from major investors in affordable housing. About 90% of affordable rental housing projects stem from the federal Low-Income Housing Tax Credit (LIHTC).
This program encourages the investment of private equity in the development of affordable rental housing for low-income households through tax incentives. With the uncertain impacts of tax reform, big banks are currently reluctant to commit to specific deals.
Some are calling on Congress to protect the LIHTC and increase the allocation of credits to prevent an affordable housing crisis from getting worse.
Related Stories
Codes and Standards | Jul 27, 2021
Add a wobbly moon to flooding risk factors
Earth satellite’s orbit variations will lead to sunny-day flooding in the mid-2030s.
Codes and Standards | Jul 26, 2021
Revamping of Florida building codes on the table after condo collapse
Tragedy could prompt upgrades like post-Hurricane Andrew effort.
Codes and Standards | Jul 21, 2021
Proposal to give Calif. hospitals more time for earthquake retrofits stirs controversy
State hospital association says 2030 deadline should be extended.
Codes and Standards | Jul 20, 2021
New York, New Jersey legislatures may revamp bidding rules to promote low-carbon concrete
Contractors would have to certify that their concrete is in compliance.
Codes and Standards | Jul 19, 2021
Lack of information on carbon emissions challenges construction industry
Reports recommends whole-life carbon assessments on building projects.
Codes and Standards | Jul 19, 2021
Florida condo collapse spurs increased scrutiny on inspections, regulations
Insurers demand proof of current inspections.
Codes and Standards | Jul 15, 2021
Three drywall code-referenced publications have been updated
Include guidance on fire resistance, sound control, application, and finishing.
Codes and Standards | Jul 14, 2021
Biden’s infrastructure proposal includes massive investment in school buildings
‘Once in a lifetime opportunity’ to upgrade HVAC and other key systems.
Codes and Standards | Jul 13, 2021
Reluctance to fund maintenance on older condos is a serious problem
Owner associations defer needed work, putting properties at risk.
Codes and Standards | Jul 12, 2021
Regulations on hydrofluorocarbons reduce roof insulation options
Canada, some U.S. states ban HFC blowing agents used in closed-cell foam.
