Help Preserve the LIHTC Program

Last month I had the pleasure of participating in the National Conference of State Housing Agency (NCSHA) Housing Credit Conference.  I enjoy speaking at this annual event, but to a greater extent, I appreciate the opportunity to hear the news other panelists bring to share with the industry.  At this year’s conference, we learned of the importance of lobbying on behalf of the program at this point in its history.  The industry is worried that if Congress gets around to addressing tax reform, and particularly if they go the way of increasing tax revenue while lowering tax rates, they will deal away the LIHTC program without concern for how vital it is to the creation and preservation of affordable housing.  They could do this in two ways:

• They could eliminate the program altogether; or
• They could reform the tax code in such a way that those who currently invest in LIHTC properties would no longer need to or be able to apply the credit to their federal tax bills. 

Even if the program survives in some form, with less demand for the credit, credit prices would drop making it more difficult for developers to attract the equity necessary to finance their projects.

Work with industry groups in your area to educate your elected representatives on the success of the LIHTC program.  Make sure they understand that when they are negotiating what will be included in any tax bill, they do not want to bargain the LIHTC program away.  Help them see that in addition to being an extremely effective housing program, it is also a jobs program and they do not want to be held responsible for its demise. Explain to them how much housing this program has helped to create and preserve in their communities.

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