N.Y. GOVERNOR SUGGESTS LIHTC CHANGES FOR RECOVERY PACKAGE
New York Gov. David Paterson yesterday sent a letter to President-elect Barack Obama and Vice President-elect Joe Biden that offers an agenda for federal aid to states to be included in a comprehensive economic recovery package. In addition to suggesting $500 billion in aid to states and families and $300 billion for infrastructure investments, the letter also asks that recovery legislation offer a number of provisions that would provide state housing agencies with relief on low-income housing tax credit (LIHTC) regulations to make the LIHTC more appealing to investors. Many of the suggestions in the letter are similar to proposals endorsed by the Affordable Housing Tax Credit Coalition, as discussed in the December 23, 2008 Tax Credit Tuesday podcast.
There is still time to join Novogradac & Company in Miami for the 15th Annual Tax Credit Developers Conference on January 8-9. The event features expert panel discussions that will discuss the latest on these and other proposals being considered in Congress for an economic recovery package and what they will mean for the future of LIHTC development, as well as an update on the LIHTC equity market from active investors and syndicators and much more.
Paterson’s letter will also be discussed in more detail in the next Tax Credit Tuesday podcast. Tune in on January 6, 2009 to learn more about the LIHTC proposals that could be included an economic recovery package being considered by Congress.