Utah, Washington and Colorado Exemplify Local Threats to Affordable Housing in Federal Tax Reform

Communities across the country would experience a drastic reduction in affordable housing production if proposals to eliminate the tax-exemption on private activity bonds are included in a final tax reform bill. An op-ed in the Salt Lake Tribune by Grant Whitaker, president & CEO of Utah Housing Corporation and president of the National Council of State Housing Agencies, argues for the continuing of the Housing Credit and Housing Bonds, highlighting their essential role in financing more than 26,000 affordable apartments in the state.

Similarly, an op-ed in the Seattle Times by Kim Herman of the Washington State Housing Finance Commission, Stephen Norman of the King County Housing Authority, and Andrew Lofton of the Seattle Housing Authority, highlights that multifamily Housing Bonds have financed more than 24,000 affordable units in King County and Seattle alone, and more than 54,000 affordable units in the state of Washington. The elimination of these bonds would undermine the development of more than 2,000 affordable units across the state over the next year.

An article in the Denverite estimates that eliminating multifamily Housing Bonds would reduce the supply of affordable homes in Colorado by 27,000 over the next decade. In 2015 alone, multifamily Housing Bonds financed 62 percent of Housing Credit units in the state – 1,204 of 1,944 units.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s