Affordable Housing Gets Boost in Congressional Tax Reform Proposal
The bipartisan tax deal would raise allocations for the Low Income Housing Tax Credit, a critical tool for encouraging new home construction.
New apartment housing under construction in Minneapolis in 2023.
Photographer: Ben Brewer/BloombergAmid rancorous partisan battles and the start of what promises to be a tumultuous US election year, Republicans and Democrats in the US Congress have come together around a framework for tax reform. The roughly $80 billion package includes a break for business research and development costs, a child tax credit and several changes designed to benefit affordable housing.
It’s a move many housing analysts predicted months ago: Even as a particularly chaotic Congress careened through Republican leadership fights, support around the bipartisan Affordable Housing Credit Improvement Act (AHCIA) continued to grow.