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Sens. Mary Landrieu and David Vitter Introduce Legislation to Deliver Hurricane Relief to Louisiana

Friday, September 23, 2005 - 7:30AM

Sens. Mary Landrieu, D-La., and David Vitter, R-La., yesterday introduced legislation to deliver hurricane relief to Louisiana that includes an increase in low-income housing tax credit (LIHTC) authority from $1.85 per capita to $3.70 for 2006 and 2007. S. 1765, the Louisiana Katrina Reconstruction Act, would also create a new "60-80 test" to allow 60 percent or more of the residential units in an LIHTC project located in any Hurricane Katrina disaster area and placed in service in 2005, 2006 or 2007 to be occupied by individuals whose income is 80 percent or less of area median income. The measure also proposes to change Section 142 of the Internal Revenue Code (IRC) to be consistent with IRC Section 42 to allow properties financed with tax-exempt bonds and LIHTCs to be eligible for relief from income restrictions provided by the Internal Revenue Service in Notice 2005-69. S. 1765 also includes significant provisions for housing programs administered by the U.S. Department of Housing and Urban Development and U.S. Department of Agriculture’s Rural Housing Service.

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