As the multifamily industry prepares for a second Trump administration, officials are cautiously optimistic and similarly expressing concern about its implications for affordable housing. On the positive side, there is hope for progress on key issues like extending tax credits for low-income and workforce housing and cutting regulations that impede development. But worries persist that the president-elect’s plans for mass deportations and heavy tariffs could raise construction costs.
Multifamily will also be closely monitoring the confirmation process of cabinet officials such as Scott Turner, President-elect Donald Trump’s pick for secretary of the Department of Housing and Urban Development. A former Texas lawmaker and pro football player, Turner is currently chief visionary officer at JPI, a Dallas-based multifamily housing developer. He served as the head of the White House Opportunity and Revitalization Council in Trump’s first administration, which was formed to coordinate federal economic development resources in Opportunity Zones and other distressed communities. Opportunity Zones were created as a tool under the Tax Cuts and Jobs Act of 2017 to spur economic development in distressed areas throughout the U.S.
Source: How Trump 2.0 Could Impact Affordable Housing – Multi-Housing News
