- Created: Thursday, 09 November 2017 11:58
- Written by Carolyn Szczepanski
Last month, working families in Princeton, homeless seniors in Minneapolis and Minnesota residents across the state got hope for a better future when the Minnesota Housing Finance Agency (MHFA) announced its latest round of funding to create and preserve more than 1,800 affordable housing opportunities throughout the state.
Now, nearly 800 of those homes are at risk — because of a tax reform bill that could cripple the development of affordable housing in Minnesota and across the nation.
Over the past 10 years alone, nearly $2 billion in private activity bonds have supported the construction of more than 15,000 affordable rental units across the state. But the tax reform bill introduced in the U.S. House of Representative last week eliminates that vital tool. If signed into law, the bill could effectively kill projects like West Birch Estates in Princeton and Minnehaha Commons in Minneapolis, leaving hundreds of families out in the cold and millions of dollars of economic development untapped.