|
House Passes Tax Relief Bill to Help Rebuild Gulf Coast
The House on March 26 approved bipartisan legislation introduced by House Ways and Means Committee Chairman Charlie Rangel (D-N.Y.) and ranking member Jim McCrery (R-La.) that would help spur the redevelopment of affordable rental housing in the Gulf Coast.
H.R. 1562, the Katrina Housing Tax Relief Act of 2007, would facilitate the rebuilding by changing and broadening the eligibility requirements for low-income housing tax credits and tax-exempt mortgages.
NAHB has been weighing in on these issues for several months and submitted testimony in support of the bill.
Builders who are using Low Income Housing Tax Credits allocated as part of the Gulf Opportunity Zone Act of 2005 to repair and construct affordable units would receive a two-year extension through the end of 2010 to complete that work and find qualified occupants.
The legislation also clarifies that low-income housing tax credit properties that are partially financed through emergency Community Development Block Grant (CDBG) dollars allocated to the Gulf Coast as part of the hurricane recovery effort will not have to reduce their credit basis.
On the single-family side, H.R. 1562 would allow more home owners to use tax-exempt mortgage revenue bonds for major renovations and to refinance existing residential mortgage loans. Under the House-passed bill, proceeds from mortgage revenue bonds can be used to repair homes that sustained more than 25% damage in the storms.
To view the bill, click here and enter H.R. 1562 in the box in the center screen. For more information, e-mail Greg Brown or call him at 800-368-5242 x8421.
|
