A coalition of six housing industry groups has submitted a letter to the U.S. Treasury Department requesting guidance on the low-income housing tax credit exchange initiative established by the American Recovery and Reinvestment Act. The letter requests that Treasury issue guidance that says that the rules governing projects assisted by exchange subawards will be the same as the standard housing credit program requirements and that there won’t be any new or additional requirements. Secondly, the letter also requests clarification that the credits allocated through legislation intended to help disaster areas (e.g., GO Zone, Midwest disaster relief credits) are eligible for the exchange program. The Internal Revenue Service is in the process of drafting guidance for the “exchange” program but will not provide a timeframe for publication. read more…