[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1675 Enrolled Bill (ENR)]

        H.R.1675

                       One Hundred Tenth Congress

                                 of the

                        United States of America




          Begun and held at the City of Washington on Thursday,
            the fourth day of January, two thousand and seven


                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress 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) 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 be allowed low-
    income housing tax credits under section 42 of the Internal Revenue 
    Code of 1986.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.