The House Ways and Means Committee has approved a bill (H.R. 5720) introduced by committee Chairman Charles Rangel (D-N.Y.) to temporarily expand the low-income housing tax credit (LIHTC) and tax exempt housing bond programs, revise some of the program rules and requirements, and create a new tax credit for first-time homebuyers.
After completion of his confirmation hearings, the U.S. Senate as well as various housing advocates seemed happy with President George Bush’s choice for HUD secretary, Melquiades Martinez.
