Tax Law Updates | New Proposed Legislation
August 23, 2010
House Committee Passes Bill That Allows Low-Cost Housing Owners to Offset Exit Taxes
Housing Preservation and Tenant Protection Act of 2010
H.R. 4868, 7/28/2010
The House Financial Services Committee has approved H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, a comprehensive affordable housing legislation introduced by Chairman Frank that helps to stem the loss of affordable rental housing units across the country and prevent the displacement of low-income tenants, many of who are elderly or disabled.
The legislation contains an amendment proposed by Rep. Gwen Moore, D-Wis. The amendment allows owners of low-income housing projects offset exit taxes associated with sale or transfer. This benefit is subject to government approval, and on condition that the new owner pledges to maintain the property…
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