This week Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, published his proposed changes to the tax code. His “Tax Reform Act of 2014” amends much of the code including the section governing the Low Income Housing Tax Credit (LIHTC) program. His proposed changes would likely make it more difficult for tribes to access the money they need for affordable housing.
Luckily, the Republican leadership has suggested they will not take up tax reform in this midterm election year. But Rep. Camp’s proposal is an opportunity for us to remind Congress just how important the Low Income Housing Tax Credit and New Markets Tax Credit (NMTC) programs are to Indian Country.
We can all agree on the need to preserve what is now the most effective way to spur affordable housing and economic development in Indian Country — the LIHTC and NMTC programs and the public and private partnerships they encourage.
Travois has assisted tribes in bringing more than $660 million in affordable housing to Indian Country since 1995 — a number that wouldn’t have been possible without LIHTC. Since 2006, Travois has worked to bring more than $340 million in tribal economic development through the NMTC program, and again, likely impossible without the NMTC program.
Tell Congress about your successes and encourage your representatives to visit your tribe. If you are in the middle of an LIHTC or NMTC project, invite your representatives to the grand opening or to visit with a family who has benefitted. Make sure Congress knows the LIHTC program needs to continue to work for Indian Country and that the New Markets Tax Credit program needs to be made permanent.
The full text of Rep. Camp’s proposal can be found here.
Email me at elizabeth@travois.com for questions or to learn more.