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Impact of Tax Reform and Jobs Act on Affordable Housing

February 27, 2018

There are close to 132,000 units of affordable housing in the U.S. that are in various stages of development. Nearly one-third of these planned units are at risk of not receiving the necessary financing now that the tax cut has reduced the incentive to buy tax credits that spur affordable housing. Accordingly, we have revised our forecasts for expected affordable housing construction to account for the reduced tax incentive. In New York City alone, close to 19,000 affordable units are in development stages accounting for 14% of the U.S. total affordable units either under construction or that have been permitted. This added affordable stock would house many that are cost burdened or below the poverty level. In the U.S., 46% of renters pay 30% or more of their income on housing costs. Of these, close to half earn less than $20,000 in income. Finally, 16% of all U.S. housing is occupied by those below the poverty level.

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Impact of Tax Reform and Jobs Act on Affordable Housing