ADMINISTRATION COMMITS TO SUPPORT GO ZONE EXTENSION

Friday, April 8, 2011 - 8:00AM

The Secretaries of the U.S. Department of Housing and Urban Development (HUD) and the Treasury Department in a letter this week expressed their commitment to work with Congress to enact a one-year extension of the placed-in-service deadline for Gulf Opportunity (GO) Zone low-income housing tax credit (LIHTC) properties. The letter, which was sent in response to correspondence the agencies received from Sen. Mary Landrieu in March, states that the credits are critical to Gulf Coast rebuilding efforts and that failing to extend the program “would result in a major setback for the recovery.” A one-year extension would move the placed-in-service date for GO Zone properties to January 1, 2013.

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