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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Middle-Income Housing Tax Credit Act of 2016

Official Titles

Official Titles - Senate

Official Titles as Introduced

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


Actions Overview (1)

Date Actions Overview
09/22/2016Introduced in Senate

All Actions (1)

Date All Actions
09/22/2016Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Schatz, Brian [D-HI] 12/08/2016

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Finance09/22/2016 Referred to

No related bill information was received for S.3384.


Subjects (1)


Latest Summary (1)

There is one summary for S.3384. View summaries

Shown Here:
Introduced in Senate (09/22/2016)

Middle-Income Housing Tax Credit Act of 2016

This bill amends the Internal Revenue Code to allow a tax credit for the development of housing for middle-income households.

The credit is based on the existing low-income housing tax credit and applies to the development or rehabilitation of residential rental properties if: (1) 60% or more of the residential units in the project are both rent-restricted and occupied by individuals whose income is 100% or less of the area median gross income, and (2) the project is not federally subsidized or financed with a federally funded grant.

The credits are allocated to each state based on population, and state housing agencies then distribute the credits to developers using a competitive process. The credits are paid over a 15-year credit period, and the amounts of the credits are based on a percentage of a project's qualified basis, which is the portion of the project dedicated to affordable middle-income housing.

The credit dollar amount allocated to a project may not exceed the amount that is necessary for the financial feasibility of the project and its viability as a qualified middle-income housing project throughout the credit period.

To qualify for the credit, the developer must make a long-term commitment to middle-income housing, under which the affordability restrictions for a property remain in place for at least an additional 15 years after the close of the credit period.