HOUSE COMMITTEE EXAMINES GO ZONE TAX CREDIT ISSUES
The House Ways and Means Oversight Subcommittee yesterday held hearing on issues related to the use of low-income housing tax credits (LIHTC) in the states in the Gulf Opportunity (GO) Zone. Milton Bailey, president of the Louisiana Housing Finance Agency (LHFA), and Dianne Bolen, executive director of Mississippi Home Corporation (MHC), spoke regarding obstacles to timely and appropriate redevelopment in these areas and discussed possible options for facilitating recovery, including the need for an extension of the placed-in-service deadline for LIHTC properties to December 31, 2010. According to observer accounts of yesterday’s hearing, subcommittee chairman Rep. John Lewis, D-Ga., and ranking member Rep. Jim Ramstad, R-Minn., expressed support for extending the deadline.
These issues and other topics related to the reconstruction will be the focus of Novogradac & Company LLP’s upcoming GO Zone Forum on May 15-16, 2007 in New Orleans, La.