Reading the Election Tsunami: GOP Rise Clouds Landscape for Housing

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Tax Credit Advisor — December 2010 — The Republican takeover of the U.S. House of Representatives in the mid-term elections creates more questions than answers regarding what Congress might do regarding affordable housing and community development issues going forward. At recent conferences, industry officials expressed hope for passage of key housing-related legislation either in the lame-duck session or in the new, 112th Congress that convenes in January. However, with GOP control of the House, a narrower Democratic majority in the Senate, and changes in the chairs and members of various committees and subcommittees, the new Congress may be less friendly to affordable housing and community development in terms of funding levels and favorable new legislation. At one conference, low-income housing tax credit supporters were urged not to take the program for granted, and to educate the large crop of freshmen lawmakers about the vital importance of affordable housing.