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As Congress Advances Tax Legislation that Eliminates Affordable Housing Tools, Mayor Bowser to Announce Urgent Effort to Create and Preserve Homes

Sunday, December 3, 2017

(Washington, DC) – On Monday, December 4, at 10 am, Mayor Muriel Bowser and District leaders will call on Congress to save affordable housing tools in its Tax Reform legislation which in its current form will increase taxes on low-income and middle class Americans while cutting taxes for the wealthiest Americans and corporations. The Mayor will announce an immediate action to create or preserve 4,000 affordable housing units in light of Congress’s legislation which eliminates Private Activity Bonds, or PABs.

The elimination of PABs coupled with an irrational proposal to eliminate 4% Low-Income Housing Tax Credits (LIHTC) would devastate affordable housing opportunities in the District, including the production of housing options for veterans and low-income families. Since Fiscal Year 2010, PABs have funded more than 9,000 affordable housing units District-wide and have been used to leverage an additional $650 million in private equity funding. In total, PABs and the companion 4% LIHTC have helped deliver more than $2.5 billion in total development in the District.

When:

Monday, December 4, at 10 am

Who:

Mayor Muriel Bowser
Councilmember Anita Bonds, At-Large
Christopher Donald, DC Housing Finance Agency, Senior Vice President for Multifamily Lending

Where:

1400 Florida Avenue, NE
*Closest Bus Lines: B2, X8*