NCSHA Secures Housing Credit Exchange Extension

This morning, Senate Finance Committee Chairman Baucus (D-MT) and House Ways and Means Committee Chairman Levin (D-MI) announced that they have reached agreement on tax extender/small business legislation, the American Jobs and Closing Tax Loopholes Act.  The bill contains a one-year extension, through 2010, of the Housing Credit Exchange program, as advocated by NCSHA.  It does not expand that program to include disaster Credits (GO Zone or Midwest flood Credits) or 4 percent Credits, as NCSHA proposed.  However, it does extend the placed-in-service date for properties financed with GO Zone Credits by two years, through 2012.  The Chairmen’s press release and a summary of the legislation can be found here. 

 

The bill also provides $1 billion in funding for a one-time capitalization of the National Housing Trust Fund and $65 million for project-based vouchers to support Trust-financed properties, as advocated by NCSHA.  States are charged with administering the fund. 

 

The House is expected to take up the bill tomorrow, May 21.  Senate action will quickly follow.

 

Stay tuned to this blog for continuing updates.