AGC and other groups sent a joint letter to all members of the U.S. House of Representatives in support of the Community Recovery and Enhancement Act (CRE Act), introduced in late July by Congresswoman Shelley Berkley (D-NV).
The intent of this legislation is to help incentivize investment in commercial real estate. The Community Recovery and Enhancement Act will enable banks to convert troubled loans into performing assets through modest tax incentives to attract new equity capital to existing commercial real estate projects. The new investments would be specifically used to pay down debt, resulting in lower loan-to-value ratios of existing loans as well as improved debt coverage ratios.
To read the letter click here.
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