AGREEMENT ANNOUNCED ON RECOVERY LEGISLATION

Wednesday, February 11, 2009 - 8:00AM

Congressional conferees today announced they had reached a tentative agreement on an economic recovery package. While some of the details remain to be finalized, the legislation is said to include approximately $789 billion in spending and tax provisions. Initial reports indicate that that the low-income housing tax credit (LIHTC) exchange provision passed in the House bill is included in the final package, as is a provision to provide new funds that will be provided to fill gaps in LIHTC funding although the amount of that funding is still unclear. At this writing, it is also unclear whether the final bill includes the LIHTC accelerator provision that was passed as part of the Senate bill. Updates will be provided on the Affordable Housing Resource Center as soon as additional information becomes available.

Novogradac & Company LLP is planning a webinar on the provisions of the economic recovery legislation.

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