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Trump budget plans cut funds for affordable housing in US

Cutting corporate tax rate weakens a federal tax-credit scheme that supplies funds for housing for the poor

Published Sun, Jul 2, 2017 · 09:50 PM
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Washington

THE pool of private funds available to build or preserve affordable housing in the United States has shrunk by about US$1 billion since November, and President Donald Trump's tax plan is to blame - even though it hasn't been adopted yet.

The president's proposal to slash the tax rate for corporations has had the side effect of weakening a federal tax-credit programme that supplies the main flow of money for apartment buildings for low-income people nationwide. It's been the biggest setback for such financing since the 2008 recession.

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