Worldwide, countries are working to reduce their deficits and get your spending under control. It's no different here in the United States. Debt Talks have been ongoing for months, and although political parties are in agreement about what to do, can not find common ground with regard to how to do. We need less spending, but that budgets should be cut? And how much? These are the questions of the day.
Sen. Tom Coburn (R-OK) recently released a budget proposal called "Back in Black", which contains your answers to these important and difficult questions. However, their responses have drawn attention - and invoked the anger - an important coalition. Coburn proposal suggests cutting various programs of Senator considered it useless or unnecessary. Among them was the Low Income Housing Credit Program.
Coalition tax credit Affordable Housing has issued an official response to Senator Coburn criticism of LIHTC, and is encouraging members of related industries to sign in support of the response.
The response of the Coalition is a point by point refutation of the reasoning for wanting Senator Coburn to eliminate the LIHTC program, the reasoning of the coalition is referred to as "defective." The Coalition also says that much of the information used by Coburn is also defective. For example, in his budget proposal, Senator Coburn cites a study that was conducted in the state of Missouri, and found that the LIHTC program to be inefficient. However, that study was conducted in the state program, not the federal program, and is not an accurate representation of how the federal program that is executed. While it may be true that in the LIHTC program in Missouri, only 35 cents of every dollar spent on housing and construction, at the federal level, the prices paid for low-income housing credits taxes are as high as 85 to 90 cents per dollar.
Senator Coburn also said that the tax credits do not directly benefit the residents of the housing, and tax credits paid to private investors. However, what Coburn's proposal did not mention is that the tax credits granted to investors who are willing to help finance affordable housing projects, which is what allows owners to set rents lower. While the tax credit money can not flow directly to the residents of the houses, there is still a direct benefit: low income tax housing credits equal to private investment, equivalent to the cost of affordable rental.
While the senator's proposal states that the LIHTC program has done little to increase the actions of the nation, affordable housing, a study by the Joint Center at Harvard University in Housing Studies that considered "the most successful federal affordable housing production and preservation program in the history of the nation, "as cited in the formal response from the Affordable Housing Tax Credit Coalition. In addition, the National Association of Home Builders conducted a survey in 2010, found that each housing project of 100 units financed with low income housing tax credits to create 122 construction jobs and 30 jobs over time.
The response of the Coalition will refute the claim that the senator's LIHTC program is "duplication". In its proposal, the senator claims that the LIHTC program is redundant, because there are other programs that provide the same investment opportunities and encourage the development of affordable housing. However, another Harvard Joint Center report found that the LIHTC program is a necessary tool to encourage private sector investment in a way that is not achieved with any other program.
In its proposal, the senator also said that eliminating the LIHTC program would save the nation some $ 57 billion over ten years. What your proposal does not indicate is that only you can enjoy this high level of savings if the repeal of the LIHTC program is retroactive - meaning that investors would be forced to repay the money I received from the program. Even if the program were eliminated, making it retroactive is very unlikely, since it would almost insurmountable financial burden in the same sectors that we are now resorting to job creation and economic growth.
We need solutions to our spending and deficit problems, but any solution will do. We need solutions based on facts, not biased opinion, and contain actionable items instead of the "best of" situations that are unsustainable.
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