This week marks the 25th anniversary of the Tax Reform Act of 1986, the landmark legislation signed on October 22, 1986 by President Reagan that created the Low Income Housing Tax Credit (Housing Credit). Congress created the Housing Credit to encourage the construction and rehabilitation of affordable apartments for low-income working families by offering owners of such housing a credit against tax liability for 10 years. While no one could predict its future at the time, the Housing Credit has gone on to become the most successful rental housing program in history with over 2.4 million units of affordable, quality apartments constructed and preserved in rural, suburban, and urban areas across the country

Operating within the 2011 Budget Control Act’s tight spending limits, Congress is making difficult decisions about which programs to cut in fiscal year 2012.   In spite of growing housing needs, both the House and Senate are considering substantial cuts to the Department of Housing and Urban Development budget.

Check out media coverage of the proposed cuts at the New York Times and Vermont Affordable Housing Coalition.

Lamoille Housing Partnership and Housing Vermont joined with community members and state officials to celebrate the completion of extensive renovations to five apartment buildings in Morrisville and Stowe.  The renovations focused primarily on improving energy efficiency and the durability of the buildings. The rehabilitation included repairing slate roofing and replacing asphalt shingles, improving insulation, installing new windows and heating systems, and upgrading apartment interiors.

Individual homeowners, renters, businesses, or others who suffered losses as a result of flooding at the end of August are eligible for assistance to repair homes or to recover other losses. Even if the damage is minor, or if you are unsure whether damage will be covered by federal grants, individuals should apply ASAP.    The deadline for applying for both FEMA and SBA assistance is November 15, 2011.