U.S. Senators Todd Young (R-Ind.) and Jerry Moran (R-Kan.) reintroduced legislation to amend the Internal Revenue Code to clarify that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac are able to participate in partnerships that are crucial for low-income housing investments.
Current Internal Revenue Code contains a provision stating that investors partnering with Tax-Exempt Controlled Entities (TECEs) are not entitled to certain benefits, including accelerated depreciations, bonus depreciation, historic rehab tax credits or certain energy credits that support companies offering affordable housing tax credits. This legislation would clarify that Fannie Mae and Freddie Mac are not subject to this rule, therefore protecting their participation in partnerships that are crucial for low-income housing investments.
“We can’t address our housing affordability crisis without building more units,” said Senator Young. “By making one simple clarification, this bill will unlock much-needed new partnerships that are crucial for rural low-income housing investments.”
“Housing affordability has a significant impact on rural Americans across the country,” said Senator Moran. “By making this technical change, rural housing investors that partner with Fannie and Freddie can confidently invest in affordable housing that is desperately needed in rural communities. I encourage my colleagues to support this bill so that we can continue to improve rural America by reducing housing costs.”
In 2023, Senator Young joined colleagues in urging Treasury Secretary Janet Yellen to provide written guidance that clarifies that the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac are not Tax-Exempt Controlled Entities (TECEs).
In addition to Senators Young and Moran, U.S. Senators Mark Warner (D-Va.) and Peter Welch (D-Vt.) also reintroduced the legislation.
Full text of the legislation can be found here.
Winter Weather Advisory issued
Pair of traffic stops net arrests
Eagles look to soar to sectional crown
Riverton Parke looks to get over sectional hump
FAA calls for airline traffic reduction to begin Friday
Central Indiana Land Trust names nature preserve to honor Efroymson family
Select Wings Etc. locations offering free entrée on Veterans Day
Tips for Carbon Monoxide Awareness Month
FSSA statement on SNAP benefits, one week delay
Gov. Braun orders flags to half-staff in honor of former Vice President Dick Cheney
Free admission to DNR properties for veterans, active-duty military, Nov. 11
Indiana Grown Holiday Box highlights local businesses for the third year
Christmas Nights of Lights returns to the Indiana State Fairgrounds
Indiana State Police wants everyone to stay safe this Halloween
Nominations being accepted for Indiana Certified Crop Adviser (CCA) of the Year
BMV warns customers of new scam text messages
National FFA Convention & Expo to call Indy home through 2040
Tortoises taken from Indianapolis Zoo found safe in Madison County park
INDOT has plans to expand electric vehicle charging
PH FFA competed in area and state Livestock Skillathon
