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House’s Tax Reform Will Decimate Affordable/Supportive Housing Development

November 27, 2017
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Potential elimination of tax exempt private activity bonds (PAB) which are responsible for about half of the affordable housing development across NYS.

Renaissance Village, affordable/supportive housing for homeless veterans on Long Island was developed with Private Activity Bonds that have been eliminated in House’s version of tax reform.

Renaissance Village, affordable/supportive housing for homeless veterans on Long Island was developed with Private Activity Bonds that have been eliminated in House’s version of tax reform.

While both the Senate and House versions of tax reform would result in huge deficits that will impact all non-defense spending including homeless housing programs, the House bill (HR 1) that passed on November 16, would have a devastating impact on affordable and supportive housing by eliminating tax exempt private activity bonds (PAB).  These bonds provide capital funding in conjunction with the 4% LIHTC.   These credits are available as-of-right, and automatically qualify for PABs. They are responsible for about half of the affordable housing development across New York State. Reported by the Supportive Housing Network of NY.

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