TAAHP RELEASES STATEMENT IN RESPONSE TO NEW REPORT ON HOUSING NEEDS OF HURRICANE HARVEY VICTIMS
Texas Housing Leaders: New Report on Hurricane Harvey Victims Shows That Congress Must Preserve Private Activity Bonds in Any Tax Reform Deal
Report Showed That Repairing Damaged Homes and Finding Affordable Housing Are Still Two of the Top Problems Facing Hurricane Harvey Victims
Private Activity Bonds Play Crucial Role in Financing Affordable Housing and Efforts to Repair and Rebuild Homes Damaged by Hurricane Harvey
A new report released today showed that many Texans impacted by Hurricane Harvey are still not getting the help they need. (See the full Kaiser Family Foundation/Episcopal Health Foundation report here.) The report showed that 63 percent of Texans impacted by Hurricane Harvey believe more resources are needed to repair and rebuild damaged homes, while 56 percent believe more resources are needed to make permanent affordable housing available in and around hurricane-impacted areas.
Meanwhile, tax reform discussions in Congress will soon decide the fate of private activity bonds (PABs), which play a crucial role in financing the production of affordable housing and supporting efforts to repair and rebuild homes damaged by Hurricane Harvey. The House approved a tax bill that would eliminate PABs, while the Senate approved a bill that would preserve them. House and Senate members will soon gather in conference to reconcile the differences between their bills and decide whether PABs are ultimately protected as part of a final deal on tax reform.
In response to today’s new report regarding Hurricane Harvey recovery, the Texas Affiliation of Affordable Housing Providers (TAAHP) issued the following statement:
“This harrowing new report clearly shows that Congress must preserve private activity bonds, which play a crucial role in providing affordable housing and supporting efforts to repair and rebuild homes damaged by Hurricane Harvey. If private activity bonds are eliminated, the urgent problems revealed in this report will get worse and thousands of Hurricane Harvey victims will not be able to get the affordable housing and home repairs they desperately need.
“The Senate has already moved to preserve private activity bonds and now the House must follow suit when both houses meet in conference in the coming days. Texans affected by Hurricane Harvey are counting on Congress to do the right thing.”