Senate Passes Housing Credit Modernization Legislation

Late this afternoon, the Senate overwhelming passed H.R. 3221, The American Housing Rescue & Foreclosure Prevention Act of 2008 by a vote of 63 to 5.  This bill contains many of the Housing Credit modernization provisions currently found on the Coalition’s legislative priorities list.

The bill will now return to the House where Speaker Nancy Pelosi (D-CA), Ways and Means Committee Chairman Charles B. Rangel (D-NY), and Financial Services Committee Chairman Barney Frank (D-MA) expect to make minor changes to the bill and return it to the Senate for what will hopefully be a final vote.  Speaker Pelosi is hopeful the House amended bill will be returned to the Senate early next week allowing for final passage by week’s end.

If you require additional information or have questions concerning this legislation please contact Coalition legislative counsel Jim Miller (202-282-5724 or jfmiller@winston.com) or Coalition executive director Victoria Spielman (202-282-5349 or victoria.spielman@taxcreditcoalition.org).