New Tax Reform Impact on Affordable Housing
Filed under:Affordable Housing
Jones & Roth strategic partner and affordable housing leader, Enterprise Community Partners, has created a concise summary of the new tax reform details that will impact Affordable Housing.
Enterprise reports that the Tax Cuts and Jobs Act retains the Low-Income Housing Tax Credit (Housing Credit), with no modifications. The amendment that Sen. Pat Roberts (R-KS) added to the Senate bill was removed in the final bill. This amendment would have replaced the existing Housing Credit general public use requirement exception for artist housing with one for veterans; treated rural areas as difficult development areas for purposes of receiving a basis boost; and reduced the maximum basis boost for all types of boost-eligible developments from 130 to 125 percent.