News

NH&RA’s Council for Energy Friendly Affordable Housing is pleased to report that several key provisions from its ‘green’ legislative agenda have been incorporated in HR1: The American Recovery and Reinvestment Act of 2009. This includes substantial funding dedicated to retrofitting HUD assisted multifamily projects.

Tax Credit Advisor
October 2008
Issue Theme: Historic Rehabilitation

The US House of Representatives has passed HR 1, its $819 billion economic stimulus bill on a vote of 244-188. The House adopted several amendments prior to passing the measure that clarify how funds dedicated to transportation can be spent and strengthening whistleblower protections. The US Senate is scheduled to consider its measure, which is considerably different, in the next few days.

NH&RA’s New Markets Tax Credit Council sent a letter to key congressional leaders urging them to support the New Markets Tax Credit Provisions in the Senate Version of HR: 1The The American Recovery and Reinvestment Act of 2009. The letter addresses expanding NMTC Authority in 2008 and 2009, Alternative Minimum Tax Relief and the carry back of business tax credits.

At press time the Economic Recovery Act was still in conference committee and specific text was not available; however, Congressional leadership has indicated that House a compromise has been agreed upon that will cost about $789 billion. Reports of housing provisions include…

The conference committee has released a summary of appropriations provisions in HR 1: The American Recovery and Reinvestment Act. The measure provides $311 billion in appropriations. Highlights include:

Please see the following summary of key provisions from the conference report of HR 1: The American Recovery and Reinvestment Act.

The California Tax Credit Allocation Committee (TCAC) has issued a memo in response to public comments received with regards to proposed regulation changes to the 2009 low-income housing tax credit program. Pursuant to comments received, TCAC will offer a set of revised recommendations to Committee for consideration and adoption on February 25, 2009.

The Alabama Housing Finance Authority’s application cycle for 2009 low-income housing tax credits will include a mandatory online portion.

The United State Senate has approved HR1: The American Recovery and Reinvestment Act of 2009 on a vote of 61-37. The Congressional Budget Office reports that the current version of the measure would cost $838 billion over ten years. Only three Republicans voted in favor of the measure. The package now heads to a House-Senate conference to resolve differences between the two versions. A compromise measure is expected towards the end of the week. A summary of the key housing and tax credit related provisions include…

House Financial Services Committee Chair Barney Frank (D-Mass.) laid out the committee’s policy priorities for 2009 in a wide ranging press conference today, February 3. The agenda includes a number of affordable housing related items.

NH&RA New Markets Tax Credit Council is pleased to report that our sources indicate that that House & Senate Conferees have agreed to New Markets Tax Credit provisions from the Senate version of HR1: The American Recovery and Reinvestment Act of 2009.