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Rep. Phil English Introducesd the Community Restoration and Revitalization Act of 2005

Friday, July 8, 2005 - 7:30AM

Rep. Phil English, R-Pa., last week introduced the Community Restoration and Revitalization Act of 2005, a bill that would make several modifications to the rehabilitation tax credit and low-income housing tax credit (LIHTC). Some of the changes H.R. 3159 proposes are: to modify the rules for determining the applicable percentage for certain buildings eligible for the LIHTC; increase the rehabilitation credit for smaller projects; and increase the rehabilitation credit in high cost areas. The measure currently has 22 co-sponsors; upon introduction it was referred to the House Committee on Ways and Means. Click here for a copy of the bill.

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