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House Proceeding 04-24-07 on Apr 24th, 2007 :: 0:26:03 to 0:30:19
Total video length: 2 hours 10 minutes Stream Tools: Stream Overview | Edit Time

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Melissa L. Bean

0:21:01 to 0:26:03( Edit History Discussion )
Speech By: Melissa L. Bean

Melissa L. Bean

0:25:41 to 0:26:03( Edit History Discussion )

Melissa L. Bean: mr. neugebauer. mr. neugebauer: thank you, madam speaker. and i yield myself such time as i may consume. madam speaker, i rise in support of h.r. 167 5, the preservation approval process improvement

Randy Neugebauer

0:26:03 to 0:26:12( Edit History Discussion )

Randy Neugebauer: act of 2007, introduced by representative melissa bean, financial institution subcommittee paul gillmor and chairman barney frank. 1675 shows the problems of h.u.d.'s form 2530 under h.u.d.'s

Randy Neugebauer

0:26:03 to 0:30:19( Edit History Discussion )
Speech By: Randy Neugebauer

Randy Neugebauer

0:26:12 to 0:26:24( Edit History Discussion )

Randy Neugebauer: automated partners performance system. specifically, this legislation suspends the electronic filing requirement for previous participation certificates and the filing requirements for these certificates

Randy Neugebauer

0:26:24 to 0:26:35( Edit History Discussion )

Randy Neugebauer: for certain low-income house approximating investors. from form 2530 has been used for many years to ascertain the prior record of participants in certain h.u.d. programs. this enables h.u.d.

Randy Neugebauer

0:26:35 to 0:26:49( Edit History Discussion )

Randy Neugebauer: to refuse to do business with participant who is have not previously carried out their obligations. however, disclosure requirements have created problems for private individuals and groups who

Randy Neugebauer

0:26:49 to 0:27:02( Edit History Discussion )

Randy Neugebauer: wish to participate in the construction and preservation of affordable housing through the low-income tax credit program. the 2530 process is designed to review principles, including any limited partner

Randy Neugebauer

0:27:02 to 0:27:18( Edit History Discussion )

Randy Neugebauer: with a 25% or greater interest in property. these rules were developed long before low-income housing tax credit programs were actually created. low-income housing tax credit deals the typical investors

Randy Neugebauer

0:27:18 to 0:27:29( Edit History Discussion )

Randy Neugebauer: are institutions. that is publicly traded and regulated, multinational institutions, including government-sponsored -- whose reputation is well established. under the 2530 process, officers, directors

Randy Neugebauer

0:27:29 to 0:27:40( Edit History Discussion )

Randy Neugebauer: and stock holders with 10% or greater holds are required to submit their names, social security numbers as well as their individual and prior record with h.u.d. industry groups have obligated or

Randy Neugebauer

0:27:40 to 0:27:53( Edit History Discussion )

Randy Neugebauer: -- have objected to these disclosure requirements as they are passive investor partners and not involved in the construction, maintenance and operation of the property. they claim that these

Randy Neugebauer

0:27:53 to 0:28:03( Edit History Discussion )

Randy Neugebauer: reporting requirements are costly, time intensive and deter investment in affordable housing. investors, developers, syndicators and others have contacted h.u.d. to say that they be exempted from

Randy Neugebauer

0:28:03 to 0:28:17( Edit History Discussion )

Randy Neugebauer: filing with h.u.d. in december, 2005, former chairman oxley requested that h.u.d. extend the opportunity for paper filing and ask h.u.d. to explain why passive investors should be required

Randy Neugebauer

0:28:17 to 0:28:29( Edit History Discussion )

Randy Neugebauer: to file. h.u.d. allowed the paper filing until june 30, 2006. in december, 2006, after repeated inquiries from the financial services committee and request from interested parties to provide

Randy Neugebauer

0:28:29 to 0:28:39( Edit History Discussion )

Randy Neugebauer: relief, h.u.d. sent the committee a proposal that according to the industry made filing more burdensome in many respects. on december 21, 2006, noting that h.u.d.'s applications for

Randy Neugebauer

0:28:39 to 0:28:49( Edit History Discussion )

Randy Neugebauer: 2530 filings requirements have become broad and overreaching and in some cases unnecessarily delayed or even prevented h.u.d. transactions that were beneficial to people in the need of housing,

Randy Neugebauer

0:28:49 to 0:29:04( Edit History Discussion )

Randy Neugebauer: chairman frank, ranking member bachus, chairman waters, chairman oxley asked h.u.d. to discuss the matter further with interested parties before taking any action on the proposed rules. since

Randy Neugebauer

0:29:04 to 0:29:16( Edit History Discussion )

Randy Neugebauer: then, however, h.u.d. has not taken any overt action to amend the proposal. h.r. 1675, the preservation approval process improvement act of 2007, requires that h.u.d. take action to alleviate the

Randy Neugebauer

0:29:16 to 0:29:29( Edit History Discussion )

Randy Neugebauer: actions in order to encourage private sector participation in affordable housing programs. h.u.d.'s current 2530 previous participation review process is intended as a risk assessment tool but in many

Randy Neugebauer

0:29:29 to 0:29:42( Edit History Discussion )

Randy Neugebauer: ways has within a barrier to housing preservation because the current regulations and the accompanying electronic system that processed 2530 submissions do not reflect the complexity of today's

Randy Neugebauer

0:29:42 to 0:29:56( Edit History Discussion )

Randy Neugebauer: real estate transactions. the reporting requirements are unduly burdensome and offer no additional benefit to h.u.d. to this end, h.r. 1675 requires that h.u.d. suspend mandatory previous participation

Randy Neugebauer

0:29:56 to 0:30:08( Edit History Discussion )

Randy Neugebauer: filings through the apps computer program and that it allow paper filing until h.u.d. smits to congress a revised draft that would eliminate unnecessarily filing burdens. in addition, this eliminates

Randy Neugebauer

0:30:08 to 0:30:19( Edit History Discussion )

Randy Neugebauer: the requirement to file 2530 form for investors who expect to own enter its that are allowed or expected to be allowed and low-income housing tax credits. mr. speaker, i urge my colleagues to support

0:30:19 to 0:30:38( Edit History Discussion )

this legislation, and i reserve the balance of my time. . the speaker pro tempore: the gentlewoman from illinois is recognized. ms. bean: at this time i don't have further requests. do you have

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