All Information (Except Text) for S.548 - Affordable Housing Credit Improvement Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Cantwell, Maria [D-WA] (Introduced 03/07/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/07/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|03/07/2017||Introduced in Senate|
03/07/2017 Introduced in Senate
All Actions (1)
|03/07/2017||Read twice and referred to the Committee on Finance.|
Action By: Senate
03/07/2017 Read twice and referred to the Committee on Finance.
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||03/07/2017||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Alternative and renewable resources
- Building construction
- Business investment and capital
- Energy efficiency and conservation
- Housing finance and home ownership
- Housing supply and affordability
- Income tax credits
- Indian social and development programs
- Inflation and prices
- Low- and moderate-income housing
- Residential rehabilitation and home repair
- State and local finance
- State and local government operations
Latest Summary (1)
Introduced in Senate (03/07/2017)
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.