SENATOR BLANCHE LINCOLN CIRCULATES DEAR COLLEAGUE LETTER FOR COMMERCIAL REHABILITATION TAX CREDIT; HOUSE LEGISLATION HITS 80 SPONSOR MARK

From Preservation Action
November 2, 2007

This week, Senator Blanche Lincoln circulated a “Dear Colleague” letter to her fellow Senators asking that they sign on as cosponsors to S. 584, the Community Restoration and Revitalization Act. The bill is a complementary set of amendments to the Federal Rehabilitation Tax Credit designed to improve the credits’ use in the development of diverse affordable housing, condominium developments and small commercial projects and increases the stock of buildings eligible for the credit.

Now is the time to ask your Senators to sign onto S. 584! Ask them to contact Anna Taylor in Senator Lincoln’s office 202-224-4843 or Kara Getz in Senator Gordon Smith’s (R-OR) 202-224-5364 office depending on your Senator’s party affiliation.

In October, the Community Restoration and Revitalization Act (H.R.1043/S.584) added six new sponsors on the House side. Representatives Jose Serrano (D-NY), Jason Altmire (D-PA), Bruce Braley (D-IA), Betty Sutton (D-OH), Yvette Clarke (D-NY) and Raul Grijalva (D-AZ) brought the House bill’s sponsorship up to 80 by the month’s end.

Over the past month, Ways and Means Chair Charlie Rangel (D-NY)’s staff considered a potential affordable housing bill which prompted review of our bill as a potential source of legislative ideas. As of now however, it is unclear whether or not our bill will be added to a large tax bill this session. That said, with the new “Dear Colleague” on the Senate side, we’ve got an opportunity adjust focus to our bill. Representatives Stephanie Tubbs Jones (D-OH) and Phil English (R-PA) circulated a “Dear Colleague” on April 25th of this year. Staff stewarding this bill: Darrell Doss in Tubbs Jones’ office 202-225-7032 and David Stewart in English’s office 202-225-5406. Have your Representative call them to sign on to H.R. 1043.