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S 1318 110th Congress Senate

Affordable Housing Preservation Act of 2007

Official title: A bill to amend the Internal Revenue Code of 1986 to provide an incentive to preserve affordable housing in multifamily housing units which are sold or exchanged.

Introduced: May 7, 2007 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Taxation Affordable housingApartment housesCapital gains taxCommerce
More subjectsShow fewer subjects
Depreciation and amortizationHousing and Community DevelopmentIncome taxResidential rehabilitationTax exclusionTax rates
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2007
Read twice and referred to the Committee on Finance.
May 7, 2007
Introduced in Senate
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 Latest action May 7, 2007

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Affordable Housing Preservation Act of 2007 - Amends the Internal Revenue to exclude from gross income gain from the sale or exchange of certain multifamily housing property to a housing agency or related organization (preservation entity) that agrees to maintain certain affordability and use restrictions for such property. Limits the excludable amount of such gain to the depreciation adjustments for such property.

 Related & companion bills 1
  • HR 1491 Related bill Affordable Housing Preservation Tax Relief Act of 2007
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2
D
Murray, Patty
Washington · May 7, 2007
 D
Reed, Jack
Rhode Island · May 7, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1318: Affordable Housing Preservation Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-S-1318/
MLA
"S. 1318: Affordable Housing Preservation Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-1318/.
Bluebook (legal)
S. 1318, 110th Cong. (2026), https://openamerica.io/bill/110-S-1318/.
Markdown link
[S. 1318: Affordable Housing Preservation Act of 2007](https://openamerica.io/bill/110-S-1318/)
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