Every time I turn on CNN lately, the news has been dominated—more so than usual—by politics. And it's shaping up to be an interesting fall on that front.
The 12-member “super committee" that has been tasked with coming up with a plan to cut $1.5 trillion in defi- cit reductions over the next 10 years by the end of November could mean trouble for the low-income housing tax credit (LIHTC). AFFORDABLE HOUSING FINANCE's Washington Update contributor Barry Jacobs says if the panel decides that comprehensive tax reform is the way to generate additional revenue without raising tax rates, they probably won't go through the tax expenditures in the code one by one to decide which ones to keep or kill (see story on page 14).
And in July, the LIHTC was among the programs targeted by Sen. Tom Coburn (R-Okla.) in his proposal to slash the deficit by $9 trillion over the next 10 years. Coburn called for the elimination of the LIHTC as well as the New Markets, renewable energy, and historic tax credit programs in his sweeping deficit-cutting plan.
His 620-page “Back in Black” report said ending the LIHTC program would save at least $57 billion over the next 10 years.
With these potential threats on Capitol Hill, the affordable housing industry must continue its vigilance. A good indicator of that is the more than 550 affordable housing organizations that co-signed the Affordable Housing Tax Credit Coalition's rebuttal that countered Coburn's arguments.
At last year's AHF Live: The Affordable Housing Developers' Summit, the alarm was sounded for the industry to unite to educate legislators on the benefits of the LIHTC program and for owners and developers to showcase their developments and the people they serve.
We're planning to continue that theme as well as give the latest updates from industry insiders on what's happening on Capitol Hill at this year's AHF Live, which will be Nov. 2-4 at the Swissotel in Chicago.
Our keynote power panel— Orlando Cabrera of National Community Renaissance Corp., Robert Greer of The Michaels Organization, and Garth Rieman of the National Council of State Housing Agencies— will inspire with the efforts that have been made by the industry on Capitol Hill and will explore what the future holds for the LIHTC program.
In addition, there will be a host of panels that will provide strategies to make your deals viable regardless of the obstacles that come your way in 2012.
Don't delay, the early bird registration fee, $549, expires Sept. 23. After that date, the regular registration fee is $649. For more information or to register, go to www.ahflive.com.
Attendance for AHF Live is reserved exclusively for people who are primarily owners and developers of affordable housing, plus state and local housing finance agency representatives and nonprofit organizations focused on the business of affordable housing.