1. AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
Affordable Housing Need In New York State
86,000 Homeless New Yorkers, including more than 24,000 children.
~1 million Severely Rent-Burdened Families pay more than half their income in rent each month.
$17+ billion Public Housing Capital Backlog representing needed infrastructure investment just in NYC.
Jobs and Economic Benefits At-Risk In New York State
Annual affordable housing development & preservation impact:
25,655 Apartments | ,800 Jobs | $10.9 Billion Local Income 1

2. AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
President’s 2018 Budget Proposal: New York State Housing Impact
More than $1 billion in annual HUD funds to NY would have been cut.
26,530 Section 8 Voucher Households at Risk of Homelessness.
Significant Cuts to Public Housing Operating & Capital Funds ($409,387,940)
Proposed Elimination of Community Development Block Grant ($286,644,708)
Proposed Elimination of HOME Investment Partnership ($91,483,440)
House & Senate Appropriation Bills DO NOT support these cuts. A continuing budget resolution is in place until Dec 8th with .68% across the board cuts. 2

3. AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
President’s 2018 Budget Proposal: Rent Reform Proposal
President Trump’s Budget proposed to increase HUD-assisted tenants’ contributions from 30 percent of adjusted income to 35 percent of gross income and eliminate the payment of utility reimbursements.
$1020 Average Annual Rent Increase for households in HUD-assisted housing.
85% of NY households utilizing HUD rental assistance include Children or Elderly or Disabled. 3

4. AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
Opportunities for Affordable Housing in Tax Reform
President Trump’s Tax Framework explicitly supports the Low Income Housing Tax Credit
The Affordable Housing Credit Improvement Act Of 2017 (H.R / S. 548), a bipartisan bill in both houses can help New York’s housing crisis
Income Averaging Rules Promote Income Diversity In Cost Neutral Proposal
ELI Basis Boost Incentivizes Deeper Affordability
Providing More Equitable Geographic Incentives For Development By Local Flexibility of Basis Boost Designation Areas (DDAs and QCTs)
Sets Minimum Credit Rate For 4% LIHTC To Maximize Private Investment 4

5. AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
Uncertainty for Affordable Housing in Tax Reform
Housing Bonds / 4% Low Income Housing Tax Credits
While the GOP tax framework supports LIHTC, it was silent on a subset of Municipal Bonds classified under Private Activity Bonds.  These tax-exempt Private Activity Bonds generate 4 percent Low Income Housing Tax Credits when used for affordable multifamily housing.    5

6. AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
Housing Bond Proposals To Benefit NY
RECYCLE
A simple recycled bonds eligible use tweak would free up "as-of-right" 4% LIHTC on an additional $245 million in bonding authority annually in NY. By allowing single family housing and economic development projects to be used with recycled bonds, we can swap volume cap which generates 4% LIHTC for affordable housing, bringing more resources to support affordable housing.  
REALLOCATE
A new National Housing Bond Reallocation Pool is a proposal to redistribute unused volume cap to states that can utilize it.  The volume cap in the pool would be available to issuers in states that have used a substantial amount of their existing volume cap. The reallocation of cap would be similar in structure to the reallocation of the national pool of unused Low Income Housing Tax Credit authority and the competitive allocation process for the housing credit dollar amount.  6

7. AFFORDABLE HOUSING ADVOCACY
Keep Advocating!
Request meetings with your elected federal representatives
Invite your federal representatives to site visits
Tell success stories of HUD programs
Call, , Tweet and meet at critical points in the appropriations process- President’s budget request, House & Senate bills
Stay informed- join our free mailing list on our website! 7