RANGEL INTRODUCES HOUSING ASSISTANCE TAX ACT
House Committee on Ways and Means Chairman Charles B. Rangel, D-N.Y., today introduced the Housing Assistance Tax Act of 2008, a bill that features several provisions to modify the low-income housing tax credit (LIHTC). Among those provisions is a temporary increase in LIHTC authority from $2 per capita by an additional 20 cents. The legislation would also temporarily increase mortgage revenue bond authority to allow for the issuance of an additional $10 billion of tax-exempt bonds to refinance subprime loans, provide loans to first-time homebuyers and to finance the construction of low-income rental housing. The measure will be considered by the Ways and Means Committee tomorrow and by the full House of Representatives in the coming weeks. Click here for a summary of the bill and the estimated revenue effects.
To hear the background on the bill and to follow its progress in Congress, tune in to the Novogradac Report on Tax Credits, a weekly podcast presented each Tax Credit Tuesday.
Affordable housing legislation will also be discussed by industry experts at the Credit and Bond Financing Conference on May 15-16 in New Orleans, La.