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Provision Prohibiting Banks from Investing in Projects Not in Low-Income Areas Removed from Reform Bill
Historic Preservation Blog from PreservationDirectory.com - Earl Blumenauer, Congress, Reform Bill, Historic Tax Credits, Low Income Area, Barney Frank, National Trust for Historic Preservation
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Website: http://www.preservationnation.org/resources/newsletters/public-policy-weekly-bulletin/Public-Policy-Weekly-Bulletin-2-1-1-1.html

A late-night, conference committee session last Friday on the financial services reform bill provided some drama for preservation. Rep. Earl Blumenauer (D-OR) worked with Reps. Allyson Schwartz (D-PA) , Brian Higgins (D-NY) and Russ Carnahan (D-MO) last week to a remove a provision in the reform bill that would have prohibited banks from investing in historic tax credit projects unless they were located in a low-income area.   After much cajoling of conference manager Barney Frank (D-MA), language was included  that removed this prohibition as part of a wrap-up managers' technical amendment at the very conclusion of the conference in the wee hours of the morning.  Conferees on the financial services reform bill also approved $1 billion in additional funding for the Neighborhood Stabilization Program (NSP) that was established in July 2008 by the Housing and Economic Recovery Act of 2008 (HERA).  HERA initially provided $3.92 billion in emergency assistance to states and local governments through a needs-based formula allocation to acquire and redevelop foreclosed, vacant and abandoned properties. In 2009, a second round of NSP under the American Recovery and Reinvestment Act (ARRA) provided $2 billion in additional funds, which were distributed by a competitive grant program to states, local governments and nonprofits.

Full Article at http://blogs.nationaltrust.org/preservationnation/?p=10790

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


Keywords: Earl Blumenauer, Congress, Reform Bill, Historic Tax Credits, Low Income Area, Barney Frank, National Trust for Historic Preservation

Posted: July 2, 2010
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