Public Law 110-35

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[110th Congress Public Law 35]
[From the U.S. Government Publishing Office]


[DOCID: f:publ035.110]

[[Page 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 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:
---------------------------------------------------------------------------

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.

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