Congressman William Pascrell (D-NJ), a member of the House Ways & Means Committee, introduced H.R. 4109 this week that includes both Parts A and B of the 5-year carryback proposal for Low Income Housing Tax Credits.  The bill does not include the other two Rental Housing Action coalition proposals but this is a very significant step forward.  Perhaps more importantly, we're told Ways and Means Committee Chairman Charles Rangel plans to introduce a Jobs bill in Committee that will include some of our important proposals including the 9% exchange extension, part of the carryback, and expanding eligible investors to include S Corporations.

Now that the Ways and Means Committee has indicated they are open to including LIHTC measures in the Jobs and/or year-end tax legislation, it is critical that California advocates reach their Congressional Representatives at the highest level possible. Ask them to call Chairman Rangel with the request to include all of the LIHTC ACTION proposals, including the extension and expansion of the Exchange program to include 4% tax credits.  Members of Congress are expected to be in their districts as soon as tomorrow.  Please call the district office or make an appointment to visit your Representative and let us know their response. A list with contact information is here. 

 

Fannie Mae introduced an initiative in August designed to help individuals and organizations using public funds to purchase Fannie Mae Real Estate Owned (REO) properties. Under the "First Look" initiative, during the first 15 days a property is listed for sale, only offers from prospective owner-occupants or individuals/organizations using public funds will be considered. Offers from investors can be submitted, but they won't be considered until after the initial 15 days.

On Tuesday, November 17 from 3 to 4 p.m. there will be a webinar to provide information about the program and how to get started. To participate RSVP by e-mail to FMevents_mailbox@fanniemae.com  and include your name, organization, job title, email address and phone number. Even if you cannot attend the Webinar, be sure to sign up to receive Property Alerts (in any zip code) here.