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Rangel Introduces Legislation That Would Extend Credit Exchange

By Donna Kimura

U.S. Rep. Charles Rangel (D-N.Y.), chairman of the House Ways and Means Committee, has introduced H.R. 4213, the Tax Extenders Act of 2009, which includes a provision to extend the low-income housing tax credit exchange program for one year.

The program was enacted as part of the American Recovery and Reinvestment Act of 2009. It allows state housing agencies to receive a payment in lieu of a portion of their state’s tax credits.

The proposal is estimated to cost $471 million over 10 years, according to a bill summary.