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Dear Welcome Home supporters, family and friends:

The Federal Government is in process of turning into a law federal tax reform that will have an immediate and negative impact on our community by putting current efforts to alleviate the housing shortage at risk.

The bill significantly lowers the corporate tax rate, and in doing so, it lowers the value of the Low Income Housing Tax Credit (Housing Credit) and the equity available from it, which is a huge source of funding for affordable housing development.  In the House version, the tax-exempt status of Private Activity Bonds has been eliminated, which is critical for the use of multifamily housing bonds used with 4% Low Income Housing Tax Credit projects.

Here in the Portland tri-county region, it will leave thousands of families waiting desperately for the housing stability they need for years to come. For example, in Washington County, at least 700 new affordable rental homes that are under development right now are at risk of being halted by tax reform. In Multnomah County more than $1 billion a year would be lost for development for projects like Home Forward's property underway at NE Grand Avenue and NE Holladay which will house 240 hardworking Oregonians.

It’s not over yet - this misguided bill does not have to be turned into law. The Welcome Home Coalition is very concerned about the impacts of reform. Over the next several days, it is essential that you continue calling your members of Congress urging them to defeat the Republican tax plan and start work on a bipartisan bill.

Can I count on your help?

Please, call your representative and urge them to support building more affordable homes, not less. And better yet, tell your friends and family around the country to call theirs. To look up your Federal Representative or Senators phone number the National League of Women Voters has a good tool. It only takes a few minutes.Just like you, we care deeply about our community.  Please join us in these efforts to keep our community moving forward.

Kari Lyons, Director 
 
Copyright © 2017 Welcome Home Coalition, All rights reserved.

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