Summary: S.1956 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.1956. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (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.