Detailed Summary

<b>(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)</b>

Preservation Approval Process Improvement Act of 2007 - Directs the Secretary of Housing and Urban Development to suspend mandatory processing of Previous Participation Certificates under the Automated Partners Performance System and permit paper filings of such certificates until the Secretary: (1) revises the December 2006 draft of specified proposed regulations to eliminate unnecessary burdens and disincentives for program participants; and (2) submits such revised draft proposed regulations to certain congressional committees for review.

Instructs the Secretary also to 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 be allowed specified low-income housing tax credits under the Internal Revenue Code.

Status of the Legislation

Latest Major Action: 6/6/2007: Presented to President.

Points in Favor

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Points Against

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