Posted: Oct 2, 2010 10:19 AM
Source: Associated Press
For five years, a special program has been encouraging private investors to build and renovate lower-income housing in hurricane hit areas along the Gulf Coast.
But 3,200 planned housing units may not be finished unless Congress renews the program before the end of the year. So far, about 20,000 housing units for lower- and mixed-income residents have been financed and built in Louisiana, Mississippi and Alabama.
The program uses federal tax credits that housing developers sell to reduce their overall costs.
Housing officials say building the remaining planned units will be difficult, if not impossible unless the law is renewed.
Legislation is not expected to come up before the lame-duck session of Congress after the November elections.