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Wednesday, April 9, 2008 - 7:00AM

The U.S. House of Representatives Committee on Ways and Means today passed the Housing Assistance Tax Act of 2008. H.R. 5720 was introduced yesterday by House Ways and Means Committee Chairman Charles B. Rangel, D-N.Y., and features several provisions to modify the low-income housing tax credit (LIHTC), including a temporary increase in the LIHTC per capita authority from $2.00 to $2.20. The legislation also confronts the issue of income limits in 2009 by providing LIHTC projects held harmless in 2007 and 2008 with an adjustment equal to the nominal increase in area median income (AMI). The legislation is intended to simplify the housing credit program and provide increased flexibility, efficiency and preservation opportunities. H.R. 5720 includes changes from the version distributed yesterday by Novogradac & Company LLP and the Affordable Housing Tax Credit Coalition. 

To hear the background on the bill and to follow its progress in Congress, tune in to the Novogradac Report on Tax Credits, a weekly podcast presented each Tuesday.

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