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Senate Passes Farm Bill, Communities Keep Rural Designation

Tuesday, February 4, 2014 - 8:00AM

The U.S. Senate today passed the farm bill that was approved by the House last week, ensuring that communities currently eligible for the U.S. Department of Agriculture’s (USDA) rural housing programs would retain their eligibility through 2020, including more than 900 communities that would have become ineligible because of the use of 2010 Census data. Loss of a rural designation could have affected future development of low-income housing tax credit (LIHTC) properties and access to other sources of funding for new and existing properties. The bill also increased the population limit for areas defined as rural from 25,000 to 35,000. The White House has said that President Barack Obama intends to sign the bill into law.

Tune into the Feb. 11 Tax Credit Tuesday podcast to hear more about what the bill could mean for LIHTC developments.

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