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Thursday, August 2, 2007 - 7:15AM

Rep. Jim McDermott, D-Wash., this week introduced legislation to modernize the Low Income Housing Tax Credit (LIHTC) program, ensuring that affordable housing developments will be able to effectively leverage federal rental and operating subsidies. H.R. 3260 would exempt federal rental and operating subsidies from treatment as federal grants for the purposes of calculating tax credit basis. Supporters say this will better equip affordable housing developers to combine LIHTCs with other federal resources, including those under the McKinney-Vento Homeless Assistance Programs and the Section 811 Disabled Housing program, among others.

To discuss the progress of this and other legislative proposals of interest to affordable housing professionals, join Novogradac & Company LLP for the 14th Annual San Francisco Affordable Housing Conference on October 4 and 5.

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