A Provision Buried In The House Tax Bill Could Slow Affordable Housing Construction

November 17, 2017                         By: Arthur Delaney

Republicans are rushing to pass a tax bill that could have all kinds of side effects.

WASHINGTON ― A little-noticed provision in the Republican tax reform bill that passed the House on Thursday could have a big impact on affordable housing construction.

Speaker of the House Paul Ryan, along with his leadership, celebrate passing the House tax bill.

The House bill maintains a tax subsidy for low-income housing construction, but ends the tax-free status of certain bonds that builders rely on to arrange financing.

Developers say the mere threat of the policy change already has them scrambling to close deals for upcoming projects before the end of the year, when funding could disappear.

Chris Akbari, president the Itex Group, a development company in Texas, said his firm is in the process of closing a $49 million deal to buy and rehabilitate a low-income apartment complex in Houston....................Read More