[United States Statutes at Large, Volume 121, 110th Congress, 1st Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

121 STAT. 225

Public Law 110-35
110th Congress

An Act


 
To suspend the requirements of the Department of Housing and Urban
Development regarding electronic filing of previous participation
certificates and regarding filing of such certificates with respect to
certain low-income housing investors. [NOTE: June 15, 2007 -  [H.R.
1675]

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress [NOTE: Preservation Approval
Process Improvement Act of 2007.] assembled,
SECTION 1. SHORT TITLE.

This Act may be cited as the ``Preservation Approval Process
Improvement Act of 2007''.
SEC. 2. SUSPENSION OF ELECTRONIC FILING REQUIREMENT.

The Secretary of Housing and Urban Development shall--
(1) [NOTE: Regulations.]  suspend mandatory processing of
Previous Participation Certificates (form HUD-2530) under the
Department of Housing and Urban Development's Automated Partners
Performance System (APPS) and permit paper filings of such
certificates until such time that the Secretary--
(A) revises the December 2006 draft proposed
regulations under subpart H of part 200 of title 24,
Code of Federal Regulations, to eliminate the
unnecessary burdens and disincentives for program
participants; and
(B) submits such revised draft proposed regulations
to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate for review by such
Committees; and
(2) suspend immediately all filing requirements under the
Previous Participation Certificate process with respect to
limited liability corporate investors who own or expect to own
an interest in entities which are allowed or are expected to


[[Page 226]]
121 STAT. 226

be allowed low-income housing tax credits under section 42 of
the Internal Revenue Code of 1986.

Approved June 15, 2007.

LEGISLATIVE HISTORY--H.R. 1675:
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HOUSE REPORTS: No. 110-106 (Comm. on Financial Services).
CONGRESSIONAL RECORD, Vol. 153 (2007):
Apr. 24, considered and passed House.
May 24, considered and passed Senate.