Tax Reform Bill Signed Into Law, Maintains Key Affordable Housing Programs
This morning, President Trump signed the Tax Cuts and Jobs Act into law after it passed Congress earlier this week. The House approved the bill by a vote of 227 – 203, with 12 Republicans and all Democrats voting against it; the Senate approved the bill by a party-line vote of 51 – 48, with Senator McCain (R-AZ) the missing vote due to health reasons.
The Tax Cuts and Jobs Act lowers the top corporate tax rate from 35 to 21 percent, effective January 1, 2018. The bill also maintains all key affordable housing credits: LIHTC; private activity bonds, including multifamily Housing Bonds; and the historic rehabilitation tax credit.
Thank you to NAHMA Members for your diligent grassroots advocacy. This was an example of the importance of your voice in educating lawmakers and their staff on the positive impact of affordable housing in their communities. We will need your help again in 2018.
Congress Passes Temporary Spending Bill, Govt. Funded Through Holiday Season
Yesterday, Congress passed another continuing resolution to keep the government funded through January 19, 2018. When Congress returns in 2018, they will face another funding deadline. As a result of these short-term continuing resolutions, members will likely experience delays in receiving contract renewals. NAHMA will continue to advocate full-year funding at the highest funding levels.
House Approves Disaster Recovery Funding
This week, the U.S. House of Representatives approved an $81 billion disaster recovery package. The package includes $27.6 billion for FEMA, $26.1 billion for HUD’s Community Development Block Grants-Disaster Recovery (CDBG-DR) program, $2.9 billion for hurricane education recovery to help displaced students return to school, $1.6 billion for the Small Business Administration’s disaster loan program and $600 million for economic development grants. The disaster recovery package also includes $10 million for technical assistance and capacity building to help local governments and nonprofit organizations administer federal disaster recovery resources more effectively. However, the Senate has not passed its version of the legislation and expects to work on their measure in 2018.
Have a safe holiday season and a happy New Year!!!
