The proposed tax plan passed in the House poses a serious blow to affordable housing development, one of the linchpins to stability for young people overcoming homelessness and millions of others across the country who struggle to make ends meet. The House bill, passed on Nov. 16, eliminates the New Markets Tax Credits program, which has been a huge spur to affordable housing development, including our new shelter in Alaska. The current House bill would get rid of the program as well as already-approved funds for 2018 and 2019, while the Senate plan currently retains the credits. The House plan also scraps Private Activity Bonds, which help finance low income housing. Economic news analyst Steven Rattner found that social service charities alone could lose $934 million in bequests if the estate tax is repealed.

Source: Huffington Post November 30, 2017 12:45 UTC