Legislation was introduced March 10 to extend the exchange program for low income housing tax credits through 2011. The 2009 economic recovery bill included the exchange program to help complete development of stalled low income housing tax credit projects. The exchange program allowed states to trade in up to 40% of the LIHTC allocation for cash. Advocates fought unsuccessfully to extend the exchange through 2010. This new legislation would extend the exchange through 2011. All Democrats on the House Committee on Ways and Means cosponsored the legislation, H.R. 992, except for Representative Lloyd Doggett (D-TX). The bill’s lead sponsor is Representative Sander Levin (D-MI). The bill was referred to the House Committee on Ways and Means.