Summary

                            A bill to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes.

Introduced in Senate
Affordable Housing Credit Improvement Act of 2017

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 increases state allocations for the credit and modifies the
cost-of-living adjustments. It also 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 affordable housing properties that are
   allowed the credit and receive certain energy-related tax credits and
   deductions. 

The bill also modifies requirements regarding the reconstruction or replacement
period after a casualty loss, rights related to building purchases, the
prohibition on claiming acquisition credits for properties placed in service in
the previous 10 years, foreclosures, and projects that assist Native Americans.



                        

Actions

  • Read twice and referred to the Committee on Finance.

    Mar 7th, 2017
  • Introduced in Senate

    Mar 7th, 2017