When Congress voted last year to sharply reduce corporate income taxes, it undermined the nation’s largest subsidized housing program. This week’s federal spending compromise may help shore it up. The program, called the low-income housing tax credit, enables corporations to lower their taxes by helping to finance low-cost housing. Lower corporate tax rates made the credit less useful, alarming developers and agencies that provide housing for the poor in rural America and large cities.
Source: The New York Times