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Legislation & Public Policy Issues in Preservation     


Legislation & Public Policy Issues in Preservation
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House Passes Rehab Tax Credit Amendments as Part of Housing Bill
Historic Preservation Blog from PreservationDirectory.com - Housing Assistance Act, National Trust for Historic Preservation, preservation public policy, federal rehab tax credit
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Email The Author: pr@nthp.org
Website: http://www.preservationnation.org

The House passed a major housing bill (H.R. 3221) on Thursday that incorporates a number of other housing proposals relating to the subprime housing fallout (H.R. 5820) as well as the Housing Assistance Act (H.R. 5720), which contains three of rehab tax credit amendment provisions supported by the National Trust and its preservation partners. The White House released a Statement of Administration Policy (SAP) on the overall bill, including its opposition to elements of H.R. 5720, as part of its veto strategy to defeat the housing bill. Fortunately, the SAP did not mention rehab tax credit provisions as a source of opposition. The House sent the housing bill to the Senate on Friday, where its prospects are somewhat murky because of considerable opposition to elements of the bill that reform Fannie Mae and Freddie Mac, the government-sponsored housing agencies.

The three amendments to the federal rehab tax credit approved by the House include leaseback for not-for-profits, Alternative Minimum Tax (AMT) relief for rehab projects twinned with the low-income housing credit, and including historic rehab under State Qualified Allocation Plans (QAP) criteria for affordable housing. For a complete breakout of the amendments, see the previous edition of Weekly Bulletin at http://www.preservationnation.org/resources/newsletters/public-policy-weekly-bulletin/PPWB_05-02-08_FINAL_web.pdf.

The Senate is expected to devote consideration attention to the housing package next week. Stay tuned for breaking developments.

Reprinted by permission of the Public Policy Department of the National Trust


Keywords: Housing Assistance Act, National Trust for Historic Preservation, preservation public policy, federal rehab tax credit

Posted: May 12, 2008
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