Sanchez Introduces Credit Exchange Extension and Expansion Bill

On February 24, House Ways and Means Committee member Linda Sanchez (D-CA) introduced the Low-Income Housing Tax Credit Expansion and Job Creation Act of 2010, H.R. 4687.  The bill extends the Housing Credit Exchange program for one year and expands it to include 4 percent Credits.  The bill also allows Credit allocating agencies to loan Exchange funds to rental housing developments, bases Exchange fund recapture on the proportion of units out of compliance and the amount of time they did not serve Credit-eligible families, and expands the authority of Credit allocating agencies to charge administrative fees to cover all Exchange program administration costs.