12 2 STA T . 2 867PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 Subti t leB—Co o rd i na tion o fF ederal H ou s- in gP rogra m s and T a xI n c enti v es for Housing SEC.2831 .S HORT T I T L E. This s ubt it lemay be c ite d as the ‘ ‘ Ho usi ng Ta xCr edit Coordina - tion A cto f20 0 8’ ’ . SEC. 2832. AP PRO V ALS BYD EPART M E N TO F HO U SIN G AND URBAN DEVELOPMENT. ( a ) A DMIN I STRA TI VE AND P R OC ED U RA L C H AN G ES. — ( 1 ) I N GENERAL.—The S ecretary of Housing and U rban D e v elo p ment (in this section referred to as the ‘‘Secretary’’) shall , not later than the expiration of the 6 -month period begin- ning upon after the date of the enactment of this Act, implement administrative and procedural changes to expedite approval of multifamily housing pro j ects under the jurisdiction of the Department of Housing and Urban Development that meet the re q uirements of the Secretary for such approvals. (2) PRO J ECTS.—The multifamily housing projects referred to in paragraph (1) shall include— (A) projects for w hich assistance is provided by such Department in conjunction with any low-income housing tax credits under section 4 2 of the Internal R evenue Code of1 9 86 or tax-exempt housing bonds
and ( B ) existing public housing projects and assisted housing projects, for which approval of the Secretary is necessary for transactions, in conjunction with any such low-income housing tax credits or tax-exempt housing bonds, involving the preservation or rehabilitation of the project. ( 3 ) CHANGES.—The administrative and procedural changes referred to in paragraph (1) shall include all actions necessary to carry out paragraph (1), which may include— (A) improving the efficiency of approval procedures; (B) simplifying approval requirements, (C) establishing time deadlines or target deadlines for required approvals; (D) modifying division of approval authority between field and national offices; ( E ) improving outreach to project sponsors regarding information that is required to be submitted for such approvals; ( F ) requesting additional funding for increasing staff, if necessary; and ( G ) any other actions which would expedite approvals. Any such changes shall be made in a manner that provides for full compliance with any existing requirements under law or regulation that are designed to protect families receiving public and assisted housing assistance, including income tar- geting, rent, and fair housing provisions, and shall also comply with requirements regarding environmental review and protec- tion and wages paid to laborers. (b) CONSULTATION.—The Secretary shall consult with the Commissioner of the Internal Revenue Service and ta k e such actions Deadlin e .12USC 1 7 1 5s . 12 USC 17 0 1 n ot e. H o u sin gT a x C r edit Coordination Ac to f 200 8 . Disad v antaged p ersons.
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