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Friday, July 11, 2008 - 7:30AM

The Senate, on a vote of 63-5, today passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act. The bill is a package of housing stimulus measures that combines a number of bipartisan amendments, including measures that would modernize the low-income housing tax credit (LIHTC) program. Among other things, the bill provides a 20-cent per capita LIHTC cap increase for 2008 and 2009 and increases the small state LIHTC minimum by 10 percent for those years. The housing stimulus bill will now be sent to the House of Representatives where lawmakers are expected to take it up shortly.

The Senate-approved version of H.R. 3221 will be posted online at Additional details about the housing stimulus package will also be discussed in the Novogradac Report on Tax Credits podcast on July 15.

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