S.1956 - Save Affordable Housing Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 06/25/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/25/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1956 — 116th Congress (2019-2020)All Information (Except Text)
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.