[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1675 Referred in Senate (RFS)]

  1st Session
                                H. R. 1675


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 25, 2007

     Received; read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 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.

            Passed the House of Representatives April 24, 2007.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.