Recent Legislation From The 111th Congress
Supporters of the LIHTC in Congress have introduced numerous pieces of legislation over the last two years in an effort to restart and help stabilize the LIHTC program. Many Congressional Members believe that changes are necessary to the housing tax credit program to keep it viable for the future.
The most popular proposal is S. 3793, the Job Creation and Tax Cuts Act of 2010. This legislation, sponsored by Senator Max Baucus (D-MT), provides a number of tax credit program extensions. The tax extensions include an extension of the American Recovery and Reinvestment Act of 2009’s Section 1602 LIHTC cash-exchange program, discussed above, to 2010 housing credits. Supporters of the LIHTC program believe that extending this program for an additional year will help move projects forward by providing equity investment, preserve more existing affordable multifamily rental housing, and expand the stock of affordable multifamily rental housing available to Americans.
Read more about this topic: Low-Income Housing Tax Credit
Famous quotes containing the words legislation and/or congress:
“The conservative assumes sickness as a necessity, and his social frame is a hospital, his total legislation is for the present distress, a universe in slippers and flannels, with bib and papspoon, swallowing pills and herb-tea.”
—Ralph Waldo Emerson (1803–1882)
“Our decision about energy will test the character of the American people and the ability of the President and the Congress to govern this nation. This difficult effort will be the “moral equivalent of war,” except that we will be uniting our efforts to build and not to destroy.”
—Jimmy Carter (James Earl Carter, Jr.)