MEASURE WOULD ALLOW EXCHANGE OF GO ZONE, DISASTER LIHTCS
Sens. Evan Bayh, D-Ind., and Richard Shelby, R-Ala., yesterday proposed legislation that would allow states that were allocated additional low-income housing tax credits (LIHTCs) in 2005 and 2008 for the rebuilding of affordable housing in the Gulf Opportunity (GO) Zone and Midwestern Disaster Areas to exchange those credits under the Section 1602 program created by the Recovery Act. As enacted, the Recovery Act did not specify that the GO Zone and Midwestern Disaster tax credits would be eligible for the exchange program; Sen. Bayh says that S. 1326, the Disaster State Housing Recovery Act clarifies congressional intent by allowing states to exchange GO Zone and Disaster tax credits under Section 1602. An identical bill was introduced in the House by Reps. Artur Davis, D-Ala., and Charles Boustany, R-La. A copy of the legislation will be posted online on the Affordable Housing Resource Center as soon as it becomes available.