House Passes Stimulus Package With Tax Credit-grant Exchange; Senate Panels Approve Tax, Spending Bills

摘要

Congressional Democrats are moving ahead with a huge economic stimulus package that includes housing-related spending and tax provisions, but the legislation so far doesn't include the comprehensive low-income housing tax relief sought by program advocates. However, both houses have provided some help for the tax credit program. The House bill would allow state housing credit agencies to swap tax credits for Treasury grants to develop low-income housing. The House passed its version of the tax and spending bill (H.R. 1) on January 28, while the Senate Appropriations and Finance Committees have marked up their pieces of the Senate package. The Senate spending bill (S. 336) includes $2.1 billion to fund 12-month renewals of project-based Section 8 contracts.