Investors eyeing new affordable housing projects in the NMI received encouraging news from the recent passage of HR 5771 as the bill extended the 9 percent rate floor on Low-Income Tax Credits. This reduces the overall cost of financing new affordable housing projects under a program that has already seen promising results in recent years. Another extension passed, the American Opportunity Tax Credit, will continue to make college more affordable for students and families by making qualified educational expenses tax deductible. The extension of this worthwhile program also included a special provision for “mirror code” territories, like the Northern Mariana Islands, allowing the US treasury to pay the local government the cost for providing the credit. Last year I sent a letter to the Senate Finance Chairman Ron Wyden requesting the extension of the special treatment for the territories because making college more affordable while bringing in additional federal funds to support that cause is a win-win for the Northern Mariana Islands.
Posted on: Thu, 18 Dec 2014 22:21:28 +0000
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