Affordable Housing Credit

Affordable Housing Credit

This Bill has:
25% Democratic Support in the Senate
22% Democratic Support in the House

 


















   This bill was introduced in the house by republican Patrick Tiberi and in the senate by Maria Cantwell.
    This bill would This bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit "the affordable housing credit" and make several modifications to the credit.
The bill revises tenant eligibility requirements, with respect to:
-the average income test,
-income eligibility for rural projects,
-increased tenant income,
-student occupancy rules, and
-tenant voucher payments that are taken into account as rent.
The bill revises various requirements to:
-establish a 4% minimum credit rate for certain projects,
-permit relocation costs to be taken into account as rehabilitation expenditures,
-repeal the qualified census tract population cap,
-require housing credit agencies to make certain determinations regarding community revitalization plans,
-prohibit local approval and contribution requirements,
-increase the credit for certain projects designated to serve extremely low-income households,
-increase the credit for certain bond-financed projects designated by state agencies,
-increase the population cap for difficult development areas, and
-eliminate the basis reduction for a property that receives the tax credit for investments in energy property if the affordable housing credit is allowed for the property.
Senate Bill: S. 548
Democratic Support: 12
Introduced by: Sen. Cantwell, Maria [D-WA] (Introduced 03/07/2017)
Latest Action:03/07/2017 Read twice and referred to the Committee on Finance.


Cosponsors:

Maria Cantwell talks about Affordable Housing