HomeMy WebLinkAboutR-81-0172�, n .—I Gi
RESOLUTION NO. 1 `°'
A RESOLUTION SUPPORTING RESTORATION OF
!�''�; �- FEDERAL TAX BENEFITS TO RENTAL HOUSING
` ; �" �� ' `_' �" PRODUCERS AND OWNERS; FURTHER DIRECTING
THE CITY CLERK TO FORWARD COPIES OF
THIS RESOLUTION TO THE MEMBERS OF THE
FLORIDA CONGRESSIONAL DELEGATION.
V
WHEREAS, the City Commission has determined there exists
a critical shortage of rental housing in the City affordable
by low and moderate income families; and
[dHEREAS, the City Commission has determined the ameliora-
tion of this rental housing shortage to be of great importance
to the stability of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. It is hereby urged that tax benefits to pro-
ducers of rental apartments removed by Congress through the
Tax Reform Act of 1976 be restored.
Section 2. The Florida's Congressional Delegation is
hereby urged to support restoration of tax benefits to producers
and owners of rental property.
Section 3. The City Clerk is hereby directed to forward
copies of the herein Resolution to all members of the Florida
Congressional Delegation.
PASSED AND ADOPTED this 17 day of__ MARCH , 1981.
MAURICE A. FERRE
AT T: MAURICE A. FERRE, MAYOR
71
RALPR-G. ONGIE, CITY CTZRK
1
PREP RE D AP ROVED BY: APPROVED AS TO FORM AND CORRECTNESS:
VA A. VALENTINE ROBERT F. CLARK
ASTANT CITY ATTORNEY ACTING CITY ATTORNEY
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Richard L. Fosmoen March 6, 1981 = _
City Manager
Dena Spillman, Director
Department of Community Development
Resolution - Restoration of Federal
Tax Benefits To Rental Housing
Producers And Owners
City Commission Agenda Item
It is recommended that the City Commission
approve a resolution supporting the restor-
ation of tax incentives similar to those
removed from the federal tax code through
the Tax Reform Law of 1976 as a measure to
provide a suitable economic environment for
the development of rental housing affordable
to low and moderate income families.
Among other things, the Federal Tax Reform Law of 1976 eliminated certain
tax incentives to rental housing entrepreneurs. In the opinion of most
housing developers and organizations involved with rental housing produc-
tion, elimination of these tax advantages served as a further disincentive
to the production of rental housing. The most important of these tax
amendments was a provision for "writing off" construction interest over
an extended period of time (5 years) rather than during the actual con-
struction period, allowing less of an immediate "loss" on the investment.
Other modifiactions to federal tax law modifications included increases
in capital gains taxes for residential developments and modifications to
preference tax items.
The attached resolution endorses restoration of these tax incentives in
some form by the federal government and requests support for this position
by Florida's congressmen and senators.
Adoption of the resolution is recommended.
/rJ f a
Enclosure