Affordable Housing Changes in the Political Climate

To give context to the issue of affordable housing, I want to share this article by Josh Cohen from NextCity.org about the Low-Income Housing Tax Credit (LIHTC) which, since the Reagan era, has financially helped millions of low-income families with renting homes.

I encourage you to read it. In summary, the article states that because of tax cut promises from the new administration, investors are not as interested in giving money to developers for housing units with the Low-Income Housing Tax Credit. Here is an excerpt to explain the relation between the tax credit and its role in development:

“Created by President Ronald Reagan’s 1986 Tax Reform Act, the LIHTC program disburses federal income tax credits to affordable housing developers through state housing finance agencies. The developers (nonprofits and for-profit companies) negotiate with investors — often banks, insurance companies or other corporate entities — for funding in exchange for the credits. The former get money for their rent-restricted housing projects, and the latter get to reduce their tax burden. Unlike a tax write-off, the tax credits provide a dollar for dollar tax reduction. A dollar of LIHTC purchased is a dollar off the tax bill.” Continue reading

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Bicycling in January and fundraising update

Bicycling in the middle of January? Isn’t it too cold for that?

Well, recently it was unseasonably warm enough to fix up the old college road bike so, after a quick tune-up, I slapped on the helmet and took a spin around the neighborhood. Riding almost 4,000 miles is a lot, but a simple ride to the park and back is a good place to start.

A month ago, that 4,000 miles was not as overwhelming as fundraising $4,800. However, I’m happy to say that the generosity of family and friends has given me a great start! Currently, I am just under the halfway mark. If you are interested in donating, click here to go to my Bike and Build rider profile for more info.

Also, here’s a sneak peak at a project I’m working on with a local graphic designer (and my kind neighbor!) as a “thank you” for donations. Stay tuned.

thank-you-teaser