Aaron Bean: “The Preservation Approval Process Improvement Act of 2007, introduced by myself and Representative Gillmor, was recently…”

“The Preservation Approval Process Improvement Act of 2007, introduced by myself and Representative Gillmor, was recently reported out of the Committee on Financial Services without objection, and I am pleased it is being given consideration on the House floor today. H.R. 1675 will reduce burdens caused by HUD's unnecessarily complex regulation of its previous participation reporting requirements, known as the 2530 process. Written many years ago when small mom-and-pop companies were investing in affordable housing, HUD's regulations governing the 2530 process are no longer in sync with the type of real estate transactions being conducted today. As a result, when applied to the more typical investor of today, these regulations impose huge administrative and regulatory hurdles.”