Wednesday, July 30, 2008
President signs housing bill
This morning the President signed the Housing and Economic Recovery Act of 2008. The Act includes a 20-cent per capita tax credit cap increase for 2008-09 and $11 billion in new tax-exempt housing bond authority. According to the National Council of State Housing Agencies (NCSHA), this will result in over $633 million in additional bond volume cap for New York State. It also permits the recycling of tax-exempt multi-family bonds, an important change that will make substantially more bond volume cap available, especially in New York City. A complete summary of the bill is available from NCSHA by clicking here. The Council for Affordable and Rural Housing also has prepared a summary, which is available here.
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It is interesting that according to the dictates of legislation and the provision pertaining to clarification of general public use rule, the effective date states, "The provision applies to buildings placed in service before, on, or after the date of enactment." This is too broad in that will this mean that Congress will make the rule apply to projects that got an allocation in the past and retroactively reach back for an earlier tax year? How about a used building? Will it have two placed in service dates?
Jasleen K. Anand, Esq.
Law office of Jasleen K. Anand, P.C.
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Tel: 516-536-3350; 3351
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Email: jasleen@jasleenanand.com
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