A critical federal tax credit that has produced 13,000 units of affordable housing in Minnesota in the past 10 years alone could be eliminated — bringing future production to a virtual standstill.
Please take action TODAY.
This morning, members of the U.S. House of Representative will have their first hearing on a sweeping tax reform bill that could wipe out tax-exempt status for Private Activity Bonds (PABs), a move that would have a devastating impact on the development of affordable housing.
The bill also:
- Proposes sensible changes to the mortgage interest deduction — but directs the benefits to billionaires and corporations rather than redirect savings back into affordable housing.
- Eliminates the Historic Tax Credit that has been used to renovate more than 40,000 structures and leveraged $117 billion in private investment over the past 25 years.
We still have time to make our voices heard and tell our members of Congress that we won’t accept a tax reform bill that deepens the affordable housing crisis in Minnesota and beyond.
Click here to find your member of Congress and tell her / him to preserve tax-exempt status for Private Activity Bonds.
If you live in Minnesota’s 3rd Congressional District — we need you now. Congressman Erik Paulsen is on the House Ways and Means Committee, which will play a central role in shaping the final bill.
Please call Rep. Paulsen at (202) 225-2871 before the committee’s first hearing at 11 a.m. Central this morning and tell him to preserve tax-exempt status for Private Activity Bonds and reject provisions that would could cripple the development of affordable housing in Minnesota.
Read more analysis from the National Low Income Housing Coalition here.
Thank you for your support.
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