H.R.3479 - Save Affordable Housing Act of 2019116th Congress (2019-2020)
|Sponsor:||Rep. Neguse, Joe [D-CO-2] (Introduced 06/25/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/25/2019 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3479 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (06/25/2019)
Save Affordable Housing Act of 2019
This bill amends the Internal Revenue Code, with respect to the low-income housing tax credit, to repeal the qualified contract option for a building that received its allocation of housing credit dollar amount before January 1, 2019, or received before that date, a determination from the bond issuer or housing credit agency of its eligibility to receive an allocation of a housing credit dollar amount.
Under current law, properties subject to the low-income housing tax credit are subject to a 30-year affordability period, during which the value of properties is set at a below market rate. The qualified contract option allows property owners, in some cases, to convert to market rate after 15 years.