Affordable Housing Act

Affordable Housing Act - Title I: Assistance for Affordable Housing - Directs the Secretary of Housing and Urban Development to provide construction and rehabilitation grants and operating assistance in order to expand and maintain the permanent supply of affordable housing for very low-income and other lower income families. Grants priority to homeless families.

Sets forth program requirements, including recipient preferences, tenant rights, and assistance use restrictions.

Requires an annual program report to the Congress.

Authorizes FY 1990 through 1994 appropriations.

Title II: Community Housing Partnership - Subtitle A: Housing Education and Organizational Support Grants for Community Based Housing Projects - Authorizes the Secretary to provide State and local and nonprofit entities with housing education and organizational support grants or loans.

Authorizes FY 1990 through 1994 appropriations.

Subtitle B: Community Housing Partnership Grants - Authorizes the Secretary to provide such entities with community housing partnership grants and loans.

Sets forth project and activity eligibility provisions. Authorizes FY 1990 through 1994 appropriations.

Subtitle C: General Provisions - Defines specified terms for purposes of this title.

Title III: Revenue Measures - Amends the Internal Revenue Code to increase the rate of the alternative minimum tax for both corporate and noncorporate taxpayers.

Amends provisions relating to the basis for calculating taxes on property a taxpayer acquires from a decedent to: (1) eliminate a special rule with respect to the stock of a domestic international sales corporation; (2) update the carryover basis rules to refer to property acquired from decedents dying after December 31, 1989; and (3) permit a tax exclusion of gain when an estate's executor uses certain appreciated carryover basis property to satisfy the right of a person to receive a pecuniary request.

Repeals capital gains rules relating to foreign investment company stock acquired from a decedent.

Requires estate executors to: (1) file information returns in connection with carryover basis property; and (2) provide written notice to recipients of such property. Prescribes penalties for failure to report.