Federal and State Housing Policy Update

By Jack Riordan

June 1, 2017

Bobby Rozen, Public Policy Consultant, Bill Faith, Director of COHHIO, Hal Keller, President of OCCH and representative Firth Third, Huntington, and Key Bank the major LIHTC investors discussed on the condition of government support of low income housing.

 

First the GOOD NEWS

Bill Faith reported that collective lobbying by multiple advocates has resulted in an increase in the Ohio Proposed Budget that was approved by the Ohio House of the Recordation Fee which is split between the County Recorders and the Ohio Housing Trust fund.  The increase was sold as a resource to provide housing for recovering drug addicts outside their traditional neighborhoods.  The Ohio Trust Fund may be one of the few possible sources for gap financing.

Nationally Things Are Bleak

There are a number of factors of concern: the proposed Trump budget cuts Public Housing and Gap financing from HOME and CDBG, Pending Reductions in the top Corporate Tax is linked to Health Program legislation, Interest Rate Increase, and an upcoming negative report on Low Income Housing Tax Credits. The uncertain outcome of these are slowing private investment in housing.  

Reduction of the Top Corporate Tax Rate Reduces the value of LIHTC but, the senate needs to clear a Health Care Bill that can get 50 votes before it can consider a Tax Bill that can pass with only 50 votes rather than the 60 needed to kill a filibuster. The lynch pin seems to be the proposed cuts in Medicaid Funding, which Senator Portman and other GOP Senators appose. No Health Care No Tax Bill. Portman and other moderate GOP senators need reinforcement of their support for Medicaid.

President Trumps Budget will not pass but the House could make major cuts in HUD Housing, HOME and CDBG to get funds for White House Priorities.

Mixed into this the Banks want regulatory reductions in Dodd Frank.

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