HOUSE PASSES HOUSING STIMULUS LEGISLATION

Thursday, May 8, 2008 - 7:45AM

The House today passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act. The House bill would create a first-time home buyer tax credit, modernize the Federal Housing Administration, provide comprehensive reform for housing government sponsored enterprises Fannie Mae and Freddie Mac and make significant enhancements to the low-income housing tax credit (LIHTC) and tax-exempt housing bond programs to increase their effectiveness. The Senate approved a different housing stimulus package last month, and the two bills will likely now be reconciled in conference.
Learn what these developments may mean for affordable housing investors, developers and owners at Novogradac & Company LLP's Credit and Bond Financing Conference on May 15-16 in New Orleans, La.

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