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	Related Industries Financial Services Real Estate	Contacts News Practices New Markets Tax Credits Client Relations: Hunton & Williams secures coverage for rental housing in legislation 10/09/07 Related Professionals: Francine E. Friedman Groups: Banking & Finance, Government Relations, Housing and Historic Tax Credits, New Markets Tax Credits, Taxation: Federal, State, Local & Cross-Border On behalf of our clients, Jim Miller and Francine Friedman secured coverage for multifamily rental housing in legislation which passed the U.S. House of Representatives that reauthorizes the Federal Flood Insurance Program and includes insurance for wind damage as well. The legislation now goes to the U.S. Senate. The legislation is important because it would allow multifamily rental housing projects that are otherwise well financed to move forward in disaster areas, such as the GoZone areas designated in the wake of Katrina.  Even with enhanced tax credits for low income housing, many of these projects cannot get underway because insurance rates in these areas have skyrocketed. The insurance legislation would allow these projects to go forward and secure coverage for projects undertaken after future similar disasters.