NAHRO Issues Statement on Passage of H.R. 1
This afternoon, the House approved H.R. 1, the Tax Cuts and Jobs Act. The bill rescinds three vital tools used to strengthen local communities and create and preserve affordable housing: Private Activity Bonds (PABs), New Markets Tax Credits (NMTCs), and Historic Preservation Tax Credits (HPTCs).
“This bill is an insult both to hard-working families seeking affordable housing and to our most vulnerable neighbors who need a home,” stated Adrianne Todman, CEO of the National Association of Housing and Redevelopment Officials (NAHRO). “This assault on affordable housing should stop here.”
The Senate version of the bill retains the tax-exempt status of PABs, preserves NMTCs, and retains (but reduces) HPTCs. NAHRO will be working with its members and industry partners to ensure that these provisions prevail.
Contact: Sylvia Gimenez
NAHRO, established in 1933, is a membership organization of nearly 20,000 housing and community development agencies and professionals throughout the United States whose mission is to create affordable housing and safe, viable communities that enhance the quality of life for all Americans, especially those of low- and moderate-income. NAHRO's members own or administer more than 2.7 million units of housing and provide housing for more than 7.9 million low-income people.