Proposed changes to the corporate tax rates have stymied funding for affordable housing, according to a California housing executive.
The Trump Administration has vowed to lower taxes for businesses, and this stance has caused a halt since December 2016 in the issuance of letters of intent from major investors in affordable housing. About 90% of affordable rental housing projects stem from the federal Low-Income Housing Tax Credit (LIHTC).
This program encourages the investment of private equity in the development of affordable rental housing for low-income households through tax incentives. With the uncertain impacts of tax reform, big banks are currently reluctant to commit to specific deals.
Some are calling on Congress to protect the LIHTC and increase the allocation of credits to prevent an affordable housing crisis from getting worse.
Related Stories
Multifamily Housing | May 16, 2023
Legislators aim to make office-to-housing conversions easier
Lawmakers around the country are looking for ways to spur conversions of office space to residential use.cSuch projects come with challenges such as inadequate plumbing, not enough exterior-facing windows, and footprints that don’t easily lend themselves to residential use. These conditions raise the cost for developers.
BIM and Information Technology | May 8, 2023
BIM Council seeks public comments on BIM Standard-US Version 4
The Building Information Management (BIM) Council is seeking public comment on an updated national BIM standard. NBIMS-US V4 has been three years in the making and is scheduled to be released this fall.
Regulations | May 8, 2023
Supreme Court case likely to have huge impact on Clean Water Act
A case before the Supreme Court will likely determine how the Clean Water Act is interpreted and the ruling could open up new areas for development within or adjacent to wetlands.
Codes and Standards | May 8, 2023
New ASHRAE standard defines ‘zero energy’ and ‘zero carbon’ buildings
ASHRAE has released a new standard that defines the terms ‘Zero Energy’ and ‘Zero Carbon’ to describe buildings. ANSI/ASHRAE Standard 228-2023, Standard Method of Evaluating Zero Net Energy and Zero Net Carbon Building Performance, sets requirements for evaluating whether a building or group of buildings meets a definition of “zero net energy” or a definition of “zero net carbon” during operation.
Sustainability | May 1, 2023
Increased focus on sustainability is good for business and attracting employees
A recent study, 2023 State of Design & Make by software developer Autodesk, contains some interesting takeaways for the design and construction industry. Respondents to a survey of industry leaders from the architecture, engineering, construction, product design, manufacturing, and entertainment spheres strongly support the idea that improving their organization’s sustainability practices is good for business.
Office Buildings | May 1, 2023
Office building owners face potential legal liabilities when adding new workplace amenities
Many landlords in the war for tenants have turned to offering new amenities such as conference room services, fitness centers with nutritionists, and high-end food and beverage offerings. To provide new services, landlords often engage with third-party vendors, which can present thorny legal liability.
Codes and Standards | May 1, 2023
Hurricane Ian aftermath expected to prompt building code reform in Florida
Hurricane Ian struck the Southwest Florida coastline last fall with winds exceeding 150 mph, flooding cities, and devastating structures across the state. A construction risk management expert believes the projected economic damage, as high as $75 billion, will prompt the state to beef up building codes and reform land use rules.
Codes and Standards | Apr 21, 2023
Federal court overturns first natural gas ban in the U.S.
A recent ruling by the Ninth U.S. Circuit Court of Appeals in San Francisco invalidating Berkeley, California’s ban on natural gas within new building construction puts similar measures adopted around the country in legal jeopardy.
Codes and Standards | Apr 21, 2023
Sixteen-year-old climate law not having intended impact on decarbonizing federal buildings
Sixteen years out from a 2007 law that aimed to end the use of fossil fuels in federal buildings, gas heat is still being installed within the federal sphere.
Green | Apr 21, 2023
Boston to adopt stringent climate-friendly building code
Boston will soon adopt a new stringent green state building code that aims to significantly reduce carbon emissions in new construction and major renovations.
