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BILL INTRODUCED TO QUALIFY HOMELESS YOUTH FOR LIHTC HOUSING

Wednesday, October 5, 2011 - 7:00AM

Reps. Jim McDermott, Erik Paulsen and Keith Ellison on Monday introduced legislation to allow formerly homeless youth to pursue a four-year education and still qualify for low-income housing tax credit (LIHTC) housing. H.R. 3076 would alter the LIHTC program’s student rule, which currently prohibits most low-income tenants from being full-time students unless they are single parents, parents receiving public assistance or former foster youth. The bill would add another exemption within the Internal Revenue Code for homeless youth. H.R. 3076 was referred to the House Ways and Means Committee.

Tune in to the Oct. 11 Tax Credit Tuesday Podcast to hear Michael J. Novogradac, CPA, discuss more details about the effects this proposal could have on LIHTC regulations.

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