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Tuesday, December 11, 2012 - 8:00AM

Sens. Charles Schumer, D-N.Y., and Robert Menendez, D-N.J. announced that they will introduce The Hurricane Sandy and National Disaster Tax Relief Act of 2012. The tax package will include a $500 million emergency supplemental new markets tax credit (NMTC) allocation per year for three years for community development entities (CDEs) serving disaster areas. It would also increase affected states’ low-income housing tax credit (LIHTC) authority in 2013, 2014 and 2015 by $8 per capita for use in the disaster area and provide an increased LIHTC value for areas that were also affected by Hurricane Irene. Additionally, the bill would increase the historic tax credit from 20 percent to 26 percent for the rehabilitation of buildings within the disaster zone. The text of the legislation will be posted to the Affordable Housing Resource Center when it becomes available.

Learn more about this legislation and other current developments at the Novogradac Tax Credit Developers Conference, Jan. 10-11 in Miami, Fla.

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