To require the Secretary of the Treasury to modify regulations to provide that certain Federal subsidies shall not be considered a grant made with respect to a building or its operation for purposes of the low-income housing tax credit.

Summary

Directs the Secretary of the Treasury to modify certain Treasury Regulations to provide that none of the following shall be considered a grant made with respect to a building or its operation for purposes of the required reduction of eligible basis by grants received under the low-income housing tax credit: (1) specified rental assistance under the Housing Act of 1949, Housing Act of 1959, and the Cranston-Gonzalez National Affordable Housing Act; (2) loan guarantees for multifamily rental housing in rural area under the Housing Act of 1949; (3) periodic interest reduction payments on behalf of owner of rental or cooperative housing project for low-income families under the National Housing Act; (4) modernization, operating, and rental assistance under the Native American Housing Assistance and Self-Determination Act of 1996; (5) certain assistance under the Stewart B. McKinney Homeless Assistance Act for grantees following a current housing affordability strategy or an approved comprehensive homeless assistance plan; (6) tenant-based rental assistance under the Cranston-Gonzalez National Affordable Housing Act; (7) assistance under the AIDS Housing Opportunity Act; (8) per diem payments for furnishing services to homeless veterans; (9) rent supplements under the Housing and Urban Development Act of 1965; (10) rural housing voucher program assistance under the Housing Act of 1949; and (11) any other ongoing payment similar to any of these payments and designed to reduce cash flow needs from rent to enable the property to be rented to low-income tenants.

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Timeline

1. 31 July 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 31 July 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 31 July 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

• Introduced in House · 31 July 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 July 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 31 July 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 31 July 2007

  Open at official source

Sponsors

• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Rep. Stark, Fortney Pete [D-CA-9] · D · Cosponsor
• Earl Blumenauer · D · Cosponsor
• · hswm00 · Standing

Related records

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