GOP tax plan would kill thousands of planned affordable housing units in Washington state

[Yo_Mama_Been_Loggin]

The U.S. House of Representatives' tax plan would decimate affordable housing production, says a leading Washington state housing advocate.

The plan would wipe out 63 percent of the state's affordable multifamily housing to be built next year and endanger thousands of jobs, according to the Washington State Housing Finance Commission, which works to increase access to housing.

House leadership is proposing to eliminate "private activity bonds," which would eliminate almost half of the low-income housing tax credit program nationwide. In the current fiscal year, private developers and nonprofits used the credits to build nearly 6,000 residential units, with 44 percent of them in King County, the commission said.

Much of the affordable housing production is by for-profit developers who build affordable apartments for working families and senior citizens. Nonprofits and public housing authorities also use the program.

“We’re in the middle of a housing affordability crisis statewide, including here in King County,” Washington State Housing Finance Commission Executive Director Kim Herman said in a statement. “To throw away a tool used by for-profit and nonprofit developers use to cost-effectively build affordable housing – not to mention create jobs and generate local income – is short-sighted to say the least.”

The program has created nearly 54,600 affordable apartments since it was launched 30 years ago. This generated approximately 87,880 jobs, $6.4 billion in income and $1.2 billion in taxes and fees, according to the National Association of Home Builders (NAHB).

https://www.bizjournals.com/seattle/news/2017/11/15/gop-tax-plan-would-kill-thousands-of-planned.html?ana=e_du_prem&s=article_du&ed=2017-11-15&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1510793642&j=79180991

[Doreen]

1. I keep saying I need to get plans started to live in my car and find homes

for my kitties. I am going to be homeless if this goes through. It is scary. I have a feeling living in my car will be short lived as at some point I will have to sell it in order to survive. I know there are those who are going to be worse off and that makes me feel bad also and feel bad for worrying about myself....but what am I supposed to do? I hate our government.