The Buzz: The Residue of Design
Date Published: 07/17/2009
Author: Buzz Roberts, LISC Senior Vice President for Policy
This article on proposed solutions to fix the LIHTC appeared in the June 2009 issue of Novogradac Journal of Tax Credit Housing.
During the hectic effort a few months ago to assemble what became the American Recovery and Reinvestment Act (Recovery Act), sometimes called the stimulus bill, various LIHTC interests scrambled to propose solutions. Two ideas did become part of the bill: $2.25 billion in HUD spending through the Tax Credit Assistance Program (TCAP) and the option for states to exchange a portion of the LIHTC allocation cap for cash. These provisions are beginning to jump-start stalled projects. But the Recovery Act did nothing to stimulate investments. Congressional sources say that the lack of consensus among the LIHTC community was a big part of the problem.
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This article first appeared in the June 2009 issue of the Novogradac Journal of Tax Credit Housing and is reproduced here with
the permission of Novogradac & Company LLP.
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Topic: Policy
Type: Trade Article