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Friday, May 25, 2007 - 7:45AM

Following House approval earlier in the day, the Senate last night passed a supplemental spending bill for the military that contained provisions related to the use of low-income housing tax credits (LIHTCs) in the Gulf Opportunity Zone (GO Zone). Specifically, the measure extends until December 31, 2010 the placed-in-service deadlines for properties that received an allocation of LIHTCs within the GO Zone, and Rita and Wilma GO Zones in 2006, 2007 or 2008, extends to December 31, 2010 the difficult development area (DDA) designations in the GO Zone, and allows properties in these zones that are placed-in-service by December 31, 2010 to use 9 percent LIHTCs with "disaster relief" Community Development Block Grant (CDBG) funds loaned at below-market rates.

The Senate last night also passed H.R. 1675, the Preservation Approval Process Improvement Act of 2007. H.R. 1675, which passed the full House of Representatives 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 measure would exempt limited liability corporate investors from being required to file Form 2530 and would allow 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.

Both measures will now be sent to the White House for President Bush's signature.

To discuss the progress of other legislative proposals of interest to affordable housing professionals, join Novogradac & Company LLP for the 14th Annual San Francisco Affordable Housing Conference on October 4 and 5.

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