Legislation

H.R. 3221, The Housing and Economic Recovery Act of 2008
Public Law No: 110-289; Approved by Congress on July 26, 2008; Signed by President Bush on July 30, 2008

IRS Guidance

Notice 2008-79: Tax-Exempt Housing Bonds and 2008 Housing Legislation

Revenue Procedure 2008-60: How to Discontinue a Surety Bond or Treasury Direct Account under Section 3004(i)(2)(B)(ii) of the Housing Act

Related Resources

Summaries

Novogradac & Company LLP Summary of Changes Affecting Low-Income Housing Tax Credits and Rehabilitation Tax Credits Resulting from H.R. 3221

Joint Committee on Taxation (JCT) Technical Explanation of Division C of H.R. 3221, the “Housing Assistance Tax Act of 2008”

Senate Banking, Housing, and Urban Affairs Committee Summary of the Housing and Economic Recovery Act of 2008

Senate Finance Committee summary of the tax provisions in H.R. 3221

House Ways and Means Committee Summary of the Tax Provisions included in H.R. 3221

National Council of State Housing Agencies Summary of Final Version of Housing Stimulus Bill

LISC/NEF Summary of LIHTC Changes in HR 3221

Statements and State Response

Industry Letter to IRS and Treasury Requesting Guidance under the Housing and Economic Recovery Act of 2008 (September 11, 2008)

NCSHA Estimates State Allocations from Housing Bond Cap Increase

NCSHA Press Release: State HFAs Eager to Deploy New Housing Bill Resources (July 30, 2008)

Arizona To Benefit from Federal Housing Act; President Signs Housing, Economic Recovery Act of 2008 after Governors’ Letter (July 30, 2008)

ADOH Information Bulletin 16-08: Changes to the 2008 in response to the Housing and Economic Recovery Act of 2008 (August 15, 2008)

Calif. Treasurer Press Release: Treasurer Lockyer Will Move Quickly to Ensure State Receives Maximum Benefit from Federal Package to Help Homeowners and Housing Market; Aid Measure Provides $1.2 Billion in Tax-Exempt Bonds, $146 Million in Tax Credits (July 30, 2008)

TCAC Memo Regarding Additional Federal Tax Credits and Estimated Credits Available for Round 2 (August 26, 2008)

TCAC Memo Regarding The Housing and Economic Recovery Act of 2008 (H.R. 3221) (July 31, 2008)

Colorado HFA Press Release: President Bush Signs Housing Stimulus legislation, H.R. 3221, into Law (July 30, 2008)

Florida Housing Commends Congress' Passage of H.R. 3221 - The Most Comprehensive Legislation to Address the Housing Crisis (July 29, 2008)

Kentucky Housing Corporation Amendment to the 2008 Qualified Allocation Plan

DRAFT Amendment (October 9, 2008)

Kentucky Memo Re: Revisions to Compliance Monitoring Requirements due to H.R. 3221 (October 29, 2008)

Maryland to Receive Federal Foreclosure Prevention and Neighborhood Revitalization Assistance (July 26, 2008)

Mississippi Home Corporation Memo: Requests for Additional Housing Tax Credits (October 10, 2008)

Nebraska Investment Finance Authority Announces 2009 QAP Focus Group Meeting (August 7, 2008)

Nevada to Receive Federal Foreclosure Prevention and Neighborhood Stabilization Assistance; $101.2 million in housing bond funds and $513,076 in tax credits (July 29, 2008)

North Carolina Housing Finance Agency Memo Regarding Implementation of the Housing and Economic Recovery Act (August 5, 2008)

Ohio HFA Press Release: Housing Report Provides Expanded Resources to Struggling Ohio Families and Communities (July 30, 2008)

OHFA Program Compliance HR 3221 Implementation Memo (September 11, 2008)

Oregon to Receive Millions From Housing Stimulus Bill (July 30, 2008)

South Carolina Memo: Return of Credits and Hold Harmless Period Extended (October 21, 2008)

Texas Department of Housing & Community Affairs H.R. 3221 Implementation Work Group

Summary of Board Action on September 4, 2008 Relating to the Implementation of HR 3221 in the Texas Housing Tax Credit Program (September 8, 2008)

Vermont HFA Press Release: New Federal Housing Bill Has Many Benefits for Vermonters; Challenge Now is to Put New Resources to the Best Use (July 30, 2008)

Washington State Housing Finance Commission Statement: Victory for Affordable Housing: President Signs Housing Stimulus Bill into Law (July 30, 3008)

Wisconsin Housing and Economic Development Authority Memo Regarding The Housing and Economic Recovery Act of 2008 (August 11, 2008)

Wisconsin Housing and Economic Development Authority Memo Regarding Income Limits Under HERA (September 24, 2008)

Statment of Administration Policy: H.R. 3221 – Housing and Economic Recovery Act of 2008 (July 23, 2008)

Frank Lauds Senate Approval of Housing Legislation (July 26, 2008)

Measure Would Help Finance More Affordable Housing Units, Extend More Tax Credits for First-Time Homebuyers & Provide Other Measures to Strengthen Housing Market & Stem Tide of Foreclosures (July 30, 2008)

President Signs Dodd's Legislation to Help Homeowners, Strengthen Economy (July 30, 2008)

Statement of Comptroller of the Currency John C. Dugan On Enactment of Housing Legislation (July 30, 2008)

Statement by Daniel H. Mudd, President and Chief Executive Officer; On the President's Signing of the Housing and Economic Recovery Act of 2008 (July 30, 2008)

Statement of OFHEO Director James B. Lockhart on the Creation of FHFA (July 30, 2008)

National Association of Affordable Housing Lenders Press Release: New Housing Law Boosts Flow of Private Capital to Low-Income Communities (July 30, 2008)

National Assocition of Home Builders Press Release: President Bush Signs Landmark Housing Bill Into Law (July 30, 2008)

National Association of Housing and Redevelopment Officials Statement on H.R. 3221, the "Housing and Economic Recovery Act of 2008" (July 30, 2008)

National Multi Housing Council Press Release: Apartment Industry Commends Congress For Learning From Past Mistakes and Passing a Balanced Housing Package (July 30, 2008)

MBA's Quinn Hails Senate Passage of Housing Bill (July 25, 2008)

Articles

New Housing Legislation Requires LIHTC Industry to Act Quickly
By Michael J. Novogradac, CPA
Journal of Tax Credit Housing, August 2008

Beyond Section 42: How the New Housing Bill Affects LIHTC Projects
By Buzz Roberts, Local Initiatives Support Corporation
Journal of Tax Credit Housing, August 2008

House and Senate Negotiators Agree to Further LIHTC Changes
By Buzz Roberts, Local Initiatives Support Corporation
Journal of Tax Credit Housing, July 2008

Congress Considers Housing Stimulus Package
By Michael J. Novogradac, CPA
Journal of Tax Credit Housing, June 2008

Podcast: Novogradac Report on Tax Credits

Download archived podcasts to hear Michael J. Novogradac, CPA, chronicle the development of the Housing Stimulus package as well as the implementation of its provisions. The topics for each week are named in the title of that week's podcast and listed on the Tax Credit Tuesday Podcast home page.