Affordable Housing Finance: Republicans Pass Sweeping Tax Reform

The first tax system overhaul in over three decades is expected to head to President Donald Trump’s desk today. Senate Republicans passed the much-anticipated tax measure early Wednesday morning on party lines, 51-48. The House of Representatives passed the bill on Tuesday afternoon on party lines, with 227 Republicans voting for it and 12 Republicans and all Democrats opposing it. The House also had to revote on Wednesday morning after the Senate parliamentarian ruled several provisions out of order, with the same votes as the day before. After a roller-coaster ride for the affordable housing industry this fall, leaders breathed a sigh of relief Friday when the tax reform bill was released after conference committee negotiations. Both low-income housing tax credits (LIHTCs) and private-activity bonds (PABs) have been preserved in the bill. “While we didn’t get everything we wanted, and whoever does, we’re whole,” says David Gasson, executive director of the Housing Advisory Group and vice president at Boston Capital.