The Subcommittee on Oversight of the House Ways & Means Commitee holds a hearing today on Katrina Redevelopment Tax Issues.  From the announcement:

In response to the extensive damage caused by a series of hurricanes in 2005, the Congress enacted the Gulf Opportunity Zone Act ( P.L. 109-135). This Act provided additional low-income housing tax credits for the states in the Katrina Gulf Opportunity (GO) Zone, the Rita GO Zone, and the Wilma GO Zone. The states in these zones are authorized to allocate additional dollar amounts for low-income housing projects that exceed the amount allowed under the Internal Revenue Code. Also, the Act provided special rules for low-income housing tax credits and mortgage revenue bonds used in the zones. The Subcommittee hearing will examine the obstacles to timely and appropriate redevelopment in these areas and discuss possible options for facilitating recovery.

The hearing takes place at 10:00 a.m. today in the main Ways & Means Committee hearing room, 1100 Longworth House Office Building.