ECONOMIC STIMULUS MEASURE INCLUDES MULTIFAMILY PROVISIONS
Responding to the President's call for "swift and bold" action, Congressional Democrats have put the massive $800-$900 billion stimulus package on a fast track for enactment. The House passed its version of the measure, the American Recovery and Reinvestment Act Bill of 2009 (H.R. 1) January 28 on a straight party line vote. As Washington Update went to press, the full Senate was debating its version and was expected to make changes to the package. Assuming Senate passage, lawmakers will still have to resolve the significant differences between the two versions.
While the package is mainly focused on non-real estate issues, there are several provisions of interest to apartment firms, including several tax provisions related to net operating loss, bonus depreciation, cancellation of indebtedness and enhancements to the Low-Income Housing Tax Credit. It also authorizes energy-efficiency tax incentives and increased funding for the Section 8 program and lead-based paint abatement. This is a summary of the apartment-related elements of the two bills and will be updated to reflect final action on the Senate floor. President Obama has asked Congress to complete action on the package by February 16.
This comparison is updated to reflect Senate floor action as of February 17.
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