The low-income housing tax credit increases from the current level of $1.25 per capita to $1.50 in 2001, and to $1.75 in 2002. It also indexes it for inflation starting in 2003. The bill provides, for the first time, a minimum LIHTC allocation for small states, assuring $2 million in 2001 and 2002 and indexing that amount for inflation beginning in 2003, according to information released by the National Multi-Housing Council.

The Private Activity Bond Cap accelerates and already-scheduled increase in the state volume limits on tax-exempt private activity bonds to the greater of $62.50 per resident or $187 million in 2001, $75 per resident or $225 million in 2002. It also indexes the program for inflation starting in 2003.

The brownfields legislation extends until Jan. 1, 2004, the current law allowing the immediate expensing of brownfields clean-up costs. Brownfields are vacant, abandoned, or underutilized commercial and industrial properties where environmental contamination challenges redevelopment or utilization. The law also greatly expands the number of eligible sites by eliminating the requirement that it be located in a federal empowerment zone.