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Affordable Housing and the "Fiscal Crunch"

Friday, January 25, 2013 12:30 PM to 1:30 PM
Boston Bar Association - 16 Beacon Street, Boston, MA

 

Description:

The American Taxpayer Relief Act of 2012 extended the 9 percent Low Income Housing Tax Credit credit rate for allocations through the end of 2013, which is a critical tool for the development of affordable housing.  However, the "Fiscal Cliff Compromise" did not address the binding "caps" for discretionary programs set forth in the Budget Control Act or, more importantly, the further spending reductions required by the sequestration provisions of the Budget Control Act .  These sequestration provisions will become effective on March 1, 2013 absent further budgetary agreement between the President and Congress.  The current binding "caps" for discretionary programs include substantial spending cuts to the nation's affordable housing programs substantially reducing federal assistance in housing and community development and severely straining HUD's budget over the next decade.   Nearly every discretionary housing and community development program will be subject to immediate further reductions in spending of approximately 8.2 percent under sequestration.  It appears that even if a further Fiscal Cliff Compromise is reached, unless substantial new revenues is part of any deficit reduction package, such a compromise will require cuts at least equal to the cuts required by sequestration.  What does this mean for affordable housing, its preservation and its financing?  What are the budgetary challenges facing HUD and what are their implications for affordable housing?  If further tax reform is part of a further Fiscal Cliff Compromise or an outgrowth of 113th Congress's legislative activities, how might LIHTC and tax-exempt financing be affected?  Does sufficient bipartisan support exist to preserve LIHTC and/or tax-exempt financing as effective tools for the financing of affordable housing? How does the need to raise the Federal Government's limitation on borrowing – the "debt ceiling" – play into the budget discussion? How might the Obama administration advocate for affordable housing in its second term?

This discussion on affordable housing and the "fiscal crunch" will be led by two seasoned experts in the affordable housing field: Brenda Clement, Executive Director of Citizens' Housing and Planning Association who has worked extensively for more than 20 years in state and regional advocacy organizations dealing with affordable housing and community development, and Anthony "Tony" Freedman of Holland & Knight who is a real estate finance and development practitioner involved with the low-income housing tax credit program since its adoption as part of the Tax Reform Act of 1986 as well as serving as the Deputy Assistant Secretary for Housing Policy and Budget at HUD in the late 1970s.  Tony is active not only in transactional and financial matters related to housing but policy and regulatory matters.  Brenda and Tony will provide the affordable housing practitioner with an opportunity to understand, discuss and strategize about the implications of HUDs' fiscal condition and the federal deficit reduction/tax reform debates on affordable housing.

 

Sponsoring Section/Committee(s):

Speakers:

 



 

Contact:

Jennifer Jones
jjones@bostonbar.org

 

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