The Buzz: Beyond Section 42: How the New Housing Bill Affects LIHTC Projects
Date Published: 08/21/2008
Author: Buzz Roberts, LISC Senior Vice President for Policy
"The Buzz" from the August 2008 issue of Novogradac Journal of Tax Credit Housing.
The Housing and Economic Recovery Act of 2008 (H.R. 3221), which Congress has just approved, is the most far-reaching housing bill in many years. While the media have focused on its provisions affecting subprime lending and foreclosures, the low-income housing tax credit (LIHTC) world has watched the bill’s numerous important changes to the LIHTC law. Separately, however, the bill also includes several other provisions that will significantly affect many LIHTC deals. Here are some of the most relevant of these other provisions.
Directly affecting LIHTC projects is a package of House-originated provisions designed to coordinate U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture (USDA) programs better with the LIHTC. These provisions address several areas.
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This article first appeared in the August 2008 issue of the Novogradac Journal of Tax Credit Housing and is reproduced here with
the permission of Novogradac & Company LLP.
© Novogradac & Company LLP 2008 - All Rights Reserved.
Notice pursuant to IRS regulations: Any U.S. federal tax advice contained in this article is not intended to be used, and cannot
be used, by any taxpayer for the purpose of avoiding penalties under the Internal Revenue Code; nor is any such advice
intended to be used to support the promotion or marketing of a transaction. Any advice expressed in this article is limited to
the federal tax issues addressed in it. Additional issues may exist outside the limited scope of any advice provided – any such
advice does not consider or provide a conclusion with respect to any additional issues. Taxpayers contemplating undertaking
a transaction should seek advice based on their particular circumstances.
This editorial material is for informational purposes only and should not be construed otherwise. Advice and interpretation
regarding property compliance or any other material covered in this article can only be obtained from your tax advisor. For
further information visit www.taxcredithousing.com.
Topics: Housing, --Affordable Housing Finance & Development, Policy, --Housing
Type: Trade Article