Treasury to Name Housing Finance Adviser
According to a senior Treasury official, Michael Stegman, a housing and domestic policy director at the John D. and Catherine T. MacArthur Foundation, will join the Treasury Department in January 2012 as a counselor to Secretary Timothy Geithner. Since 2005, Stegman has served as director of policy and housing for U.S. programs at the MacArthur Foundation and during the Clinton administration served as an assistant secretary for policy research at HUD. Prior to both those positions, he taught housing policy and community development finance at the University of North Carolina at Chapel Hill for 40 years. At Treasury, Mr. Stegman will coordinate the department’s housing policies including revamping the GSEs Fannie and Freddie, something the Obama administration has indicated as a major priority.
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New House Bill Would Create Appeal Process for Designation of QCTs and DDAs
Representative Pete Gallego (D-TX) recently introduced H.R. 5198 to amend Section 42(d)(5) of the Internal Revenue Code of 1986 to provide an appeal process for designation as qualified census tracts (QCTs) and difficult development areas (DDAs) under the Low-Income Housing Tax Credit (LIHTC) program.