The federal tax reform that passed this year was intended to provide tax relief. The perhaps unintended effect was a potentially massive disruption in one of the private solutions to public sector problems often beloved by Republicans and Democrats alike.

In Macon, Georgia, the Low Income Tax Credit program is how the town and its housing authorities nationwide get the cash they need. Now, that program is in jeopardy.

The tax reform passed this year set a top rate of 21 percent for corporations. With tax rates that low, the fear is that corporations just won't need tax credits anymore.

Molly Bryson, who leads Ballard Spahr's Tax Credits Team, says housing authorities have a right to be concerned.

"[The worry] is not overblown," said Bryson. "Shortly after the 2016 election, in fact, corporations and banks that were regular investors in affordable housing already anticipated that the corporate tax rate would be reduced. And so that resulted in perhaps a 10 cent or more reduction in the credit pricing."

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