Congress is moving fast with a bill that would overhaul the tax code and undercut programs for affordable housing.
While the Low-Income Housing Tax Credit remains in the bill, the corporate tax rate cut would discourage investment in affordable housing at a time when we need it more than ever. And other parts of the bill would have a devastating effect on affordable housing when it is already scarce and demand is increasing.
Call your representative TODAY and tell him or her to support a tax plan that prioritizes people who need help the most!
- Anything good that might come out of this tax plan is overshadowed by the harm the bill would have on affordable housing.
- Cutting corporate taxes devalues the Low-Income Housing 9% Tax Credit program, a public-private partnership that has become the primary tool for creating and preserving affordable rental homes.
- The tax bill also eliminates tax-exempt private activity bonds (with the Low-Income Housing 4% Tax Credit program), which help finance the construction and rehabilitation of over 80,000 units of multifamily housing for low-income renters each year.
- The bill cuts the Mortgage Interest Deduction but doesn’t apply the savings toward affordable housing – instead it just diverts it to a tax cut for corporations and the wealthy.
- With 400,000 Ohioans spending over half their income on rent, now is not the time to eliminate incentives for affordable housing production and preservation.
The U.S. House could vote the bill out to the Senate next week, so please lend a hand and help us protect programs that help make home a reality for low-income people. Click here to find your Representative, then call their office. You will most likely speak to an aide or leave a voice message, but these contacts can change minds if we generate enough of them!
Thanks for helping us stand up for vulnerable Ohioans,