Reviews of the new tax reform bill have been mixed. Historic tax credits were retained, but the terms of claiming the credit changed. Other tax incentive programs were modified or done away with entirely. Depending on whom you ask, these changes can be positive or negative.
Housing affordability is a problem across the country. In fact, one National Low-Income Housing Coalition study found that in 2017 there was no state that is untouched by this issue.
The term preservation means different things to different people. To colleagues in our firm, it can mean historic buildings, tax credits or advocacy. To many of our clients, it relates to keeping affordable apartments affordable at the end of their original financing or subsidy period. Many of these housing subsidy programs, like Section 8, have been around for decades and are managed by HUD.