PRESIDENT BUSH SIGNS HUD 2530 LEGISLATION
On Friday, June 15, President George W. Bush signed into law H.R. 1675, the Preservation Approval Process Improvement Act of 2007. H.R. 1675, which passed the Senate on May 24 and the House on April 24, addresses concerns with the filing process for U.S. Department of Housing and Urban Development (HUD) Form 2530, Previous Participation Certification. The new law exempts limited liability corporate investors from being required to file Form 2530 and allows for continued paper filings for those required to file until such time that technical issues with the Active Partners Performance System (APPS) filing system are resolved.