All Information (Except Text) for S.3384 - Middle-Income Housing Tax Credit Act of 2016114th Congress (2015-2016)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 09/22/2016)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/22/2016 Read twice and referred to the Committee on Finance. (All Actions)|
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Actions Overview (1)
|09/22/2016||Introduced in Senate|
09/22/2016 Introduced in Senate
All Actions (1)
|09/22/2016||Read twice and referred to the Committee on Finance.|
Action By: Senate
09/22/2016 Read twice and referred to the Committee on Finance.
|Sen. Schatz, Brian [D-HI]||12/08/2016|
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Finance||09/22/2016||Referred to|
Subject — Policy Area:
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Latest Summary (1)
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.