After the election, investors started pricing the credits at a 25 percent corporate tax rate, which was a “a big hit to projects,” Underhill said.

Pricing credits at the new 21 percent corporate tax rate will mean another, smaller drop for developers.

Michael Kendhammer, a principal at SVA Certified Public Accountants, said that for a project that has been granted $600,000 of tax credits on an annual basis for 10 years, a drop to a 21 percent corporate tax rate could result in $180,000 to $240,000 less in total investor equity.

Practically, less valuable credits mean the developers have to reduce the costs of the building or find other funding sources, which often come from state and local governments, Underhill said. Schmidt agreed if developers can’t get as much for the credits, they will ask cities and the private sector to step in.

“We’re significantly concerned with the effect this is going to have,” said Joe’Mar Hooper, Wisconsin market leader at CommonBond Communities.

CommonBond Communities has a proposal to develop Tree Lane Senior Housing at 7941 Tree Lane. The proposal would create about 54 units of senior housing, and 51 of those units would be affordable.