LISC CEO comments on NY Times editorial
Michael Rubinger, CEO & President of LISC, pens a Letter to the Editor, in response to a New York Times editorial calling for more federal support of affordable housing programs.
Making Low-Income Housing a Priority
12 Dec 2012 - Michael Rubinger
as published in the New York Times, Dec. 11, 2012
To the Editor:
Your editorial eloquently states the case for continuing to expand affordable housing opportunities despite concern about the country’s fiscal problems.
In addition to the efforts you highlight, the Low-Income Housing Tax Credit, which was enacted as part of the last major tax reform in 1986 and enjoys broad bipartisan support, has been a flexible tool to meet the housing needs of the homeless, low-income elderly, veterans and the working poor.
Over the years, this program has been responsible for almost all affordable rental housing built across the country.
Right now, 90 percent of the development of all affordable housing is financed through the tax credit. Not only does it increase the supply of quality housing for low-income families, but it also supports the economic recovery of neighborhoods in which the housing is built and creates close to 100,000 jobs a year in the construction and property management fields.
Like most tax policy, this credit will be scrutinized in the coming debate in Congress over tax reform. Losing the credit would mean losing as much as $12 billion a year of private investment in affordable housing. That shouldn't happen.
President and Chief Executive
Local Initiatives Support Corporation
> View this Letter to the Editor on the New York Times website
> Read The New York Times editorial - "The Affordable Housing Crisis" (Published: Dec. 4, 2012)
Article Type: News