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Housing and Economic Recovery Act signed into law.

The "Housing and Economic Recovery Act of 2008," H.R. 3221, was signed into law by President Bush on July 26. The law has three provisions of interest to commercial real estate professionals.

First, the law provides for the development of a national affordable housing trust fund that will be funded by a percentage of the profits from government sponsored enterprises (GSEs). The trust fund will cover costs of any defaulted loans in Federal Housing Administration (FHA) foreclosure program. Later on, the trust fund will be used for the development of affordable housing. Second, the Low Income Housing Tax Credit (LIHTC) program will be modernized to make it more efficient. Lastly, the law provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
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Title Annotation:insession
Comment:Housing and Economic Recovery Act signed into law.(insession)
Publication:Journal of Property Management
Article Type:Brief article
Geographic Code:1USA
Date:Nov 1, 2008
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