Step #1: Save Private Activity Bonds & Use of 4% LIHTCS in the Senate Tax Reform Bill
The proposed elimination of the tax exemption for private activity bonds (PABs) that are paired with 4% LIHTCs in the House tax reform bill, along with changes to the corporate tax rate and elimination of the Historic Tax Credit and the New Markets Tax Credit, will be devastating to the production and preservation of affordable housing—especially over half of pending RAD projects that are planning to use bonds and 4% LIHTCS!
Ask your Senators to hold the line and prevent the elimination of PABs in its tax reform bill as proposed by the Senate Finance Committee—and then press for them in anticipated conference negotiations; and
Urge your Republican Senators and House members to sign on to a letter to House and Senate leadership opposing the proposed elimination of tax exempt private activity bonds in the House’s version of the Tax Cuts and Jobs Act (H.R. 1 being circulated by Rep. Randy Hultgren (R-IL-14). Signatures will be accepted until noon on Monday, Nov. 27 and can be done by contacting Bill Hulse at firstname.lastname@example.org in Rep. Hultgren’s office.
- Advise all that RAD projects depend on PABs and 4% LIHTCs to succeed—including nearly 32,000 units in the active pipeline.
Step #2: Eliminate the RAD Cap in FY 2018!
The 3-month Continuing Resolution (CR) for FY 2018 appropriations expires on December 8th. A conferenced THUD appropriations bill is still expected to be taken into the final form of the FY 2018 appropriations act after that.
Urge your Congressional reps to express their support for the Senate THUD proposals for RAD directly to members of the House and Senate THUD appropriations committee. Lists of these committee members can be found on the Collaborative’s Actions web page. Also ask House members to express their support to THUD Chairman Mario Diaz-Balart & Senate members directly to THUD Chairman Susan Collins. Also weigh in with these committees’ respective ranking members, Rep. David Price and Senator Jack Reed—including contacting their staff.
Please keep at these efforts to eliminate the RAD cap and extend PAB authority for affordable housing—and keep us informed your actions & conversations at email@example.com
We can (still) get this done!