When Congress passed the fiscal cliff legislation on New Year’s Day, Will Cooper Jr. and others in the affordable housing industry breathed a sigh of relief.
The bill, which had earlier passed the Senate but needed the House of Representatives’ approval to send it on to President Obama, extended two important federal tax credits considered crucial to creating funding sources for affordable housing in the United States: the Low Income Housing Tax Credit (LIHTC) and the New Markets Tax Credit (NMTC) programs.
“The entire industry was holding its breath,” said Cooper, president & CEO of WNC & Associates Inc., a national investor in real estate and community renewal initiatives.
Read more...Fiscal Cliff Law Benefits Affordable Housing | Commercial Property Executive
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