121 STAT. 225 PUBLIC LAW 110–35—JUNE 15, 2007
Public Law 110–35
110th Congress
An Act
To suspend the requirements of the Department of Housing and Urban Development
regarding electronic filing of previous participation certificates and regarding filing of such certificates with respect to certain low-income housing investors.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Preservation Approval Process
Improvement Act of 2007’’.
SEC. 2. SUSPENSION OF ELECTRONIC FILING REQUIREMENT.
The Secretary of Housing and Urban Development shall—
(1) suspend mandatory processing of Previous Participation
Certificates (form HUD–2530) under the Department of Housing and Urban Development’s Automated Partners Performance System (APPS) and permit paper filings of such certificates until such time that the Secretary—
(A) revises the December 2006 draft proposed regula-
tions under subpart H of part 200 of title 24, Code of Federal Regulations, to eliminate the unnecessary burdens and disincentives for program participants; and
(B) submits such revised draft proposed regulations
to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate for review by such Commit-tees; and (2) suspend immediately all filing requirements under the
Previous Participation Certificate process with respect to lim-ited liability corporate investors who own or expect to own an interest in entities which are allowed or are expected to Regulations. Preservation
Approval Process Improvement Act of 2007. June 15, 2007
[H.R. 1675]
VerDate Aug 31 2005 13:52 Jan 23, 2009 Jkt 059194 PO 00001 Frm 00223 Fmt 6580 Sfmt 6581 M:STATUTES200759194PT1.001 APPS10 PsN: 59194 PT1dkrause on GSDDPC44 with PUBLAW121 STAT. 226 PUBLIC LAW 110–35—JUNE 15, 2007
LEGISLATIVE HISTORY—H.R. 1675:
HOUSE REPORTS: No. 110–106 (Comm. on Financial Services).
CONGRESSIONAL RECORD, Vol. 153 (2007):
Apr. 24, considered and passed House. May 24, considered and passed Senate. be allowed low-income housing tax credits under section 42
of the Internal Revenue Code of 1986.
Approved June 15, 2007.
VerDate Aug 31 2005 13:52 Jan 23, 2009 Jkt 059194 PO 00001 Frm 00224 Fmt 6580 Sfmt 6580 M:STATUTES200759194PT1.001 APPS10 PsN: 59194 PT1dkrause on GSDDPC44 with PUBLAW
Brief
The Preservation Approval Process Improvement Act of 2007 was enacted on June 15, 2007. This law suspends the Department of Housing and Urban Development's electronic filing requirement for Previous Participation Certificates until revised regulations are submitted to Congress. The suspension also applies to limited liability corporate investors who own or expect to own interests in entities allowed low-income housing tax credits under section 42 of the Internal Revenue Code of 1986.
Highlights content goes here...
Purpose
The Preservation Approval Process Improvement Act of 2007 is a legislation aimed at suspending certain requirements related to electronic filing and participation certificates in the Department of Housing and Urban Development. The main purpose of this act is to improve the preservation approval process for low-income housing investors by reducing unnecessary burdens and disincentives.
Key Provisions
The key provisions of this act include:
- Suspension of mandatory processing of Previous Participation Certificates (form HUD–2530) under the Department’s Automated Partners Performance System (APPS)
- Permitting paper filings of such certificates until revised draft proposed regulations are submitted to Congress
- Suspend all filing requirements under the Previous Participation Certificate process with respect to limited liability corporate investors who own or expect to own an interest in entities allowed low-income housing tax credits under section 42 of the Internal Revenue Code
Industry Impact
The Preservation Approval Process Improvement Act of 2007 is expected to have a significant impact on the low-income housing industry. By suspending certain requirements, the act aims to reduce unnecessary burdens and disincentives for program participants, making it easier for them to participate in the preservation approval process.
- Reduced administrative costs for investors
- Increased efficiency in the preservation approval process
- Improved access to affordable housing for low-income individuals
