CommonBond co-hosted a press conference in November 2017 to highlight the potential impact of the proposed tax reform.
Here’s what’s at stake:
- Over the past 10 years, nearly $2 billion in private activity bonds have supported the construction of more than 15,000 affordable rental homes across the state. But the House tax reform bill eliminates that vital tool.
- Eliminating tax exempt private activity bonds would result in a loss of 3,400 affordable rental units in MN each year.
- Nearly 800 units of affordable housing that were awarded state funding in October 2017 would be unable to move forward if this bill passes in its current form.
- There’s still time to make sure the Senate passes a bill that continues these vital investments in our communities.
Here’s a simple script to use to urge lawmakers to STOP tax reform measures that hurt affordable housing development:
[Sen. / Rep. / Gov. name], my name is [your name] and I live in [city/state]. I am calling to ask that you stop tax reform measures that hurt the development of affordable homes. I urge you to:
- Preserve tax exempt private activity bonds, which have been essential to the creation of more than 15,000 affordable homes in Minnesota over the past decade.
- Preserve the Historic Tax Credit, which has leveraged $117 billion in private investment over the past 25 years.
- Safeguard the effectiveness of the 9% Low Income Housing Tax Credit in the face of corporate tax rate reduction.
- Invest savings from changes to the mortgage interest deduction into affordable housing rather than corporations and billionaires.
The House bill passed last week would eliminate nearly 1 million affordable rental homes nationwide over the next 10 years. Please act now to ensure tax reform invests in affordable housing and strong communities. Thank you.
Rep. Erik Paulsen (202) 225-2871 @RepErikPaulsen
Rep. Tom Emmer (202) 225-2331 @RepTomEmmer
Rep. Jason Lewis (202) 225-2271 @RepJasonLewis
Sen. Amy Klobuchar (202) 224-3244 @amyklobuchar
Sen. Al Franken (202) 224-5641 @alfranken
Gov. Mark Dayton (651) 201-3400 @GovMarkDayton