House Financial Services chairman Barney Frank and Ways and Means chairman Charles Rangel have asked Treasury Department officials to issue guidance on how states should implement a stimulus law provision that would allow them to exchange up to 40% of their low-income housing tax credits for cash.

Meanwhile, the San Francisco-based law firm Novogradac & Co. that is representing the Low-Income Housing Tax Credit Working Group, made up of equity investors, developers, and state credit allocation agencies, also has asked the Treasury for guidance, particularly on how and when the $2.25 billion of low-income housing tax credit grants will be issued to states.

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