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HR 3479 116th Congress House Taxation Housing supply and affordability Income tax credits Low- and moderate-income housing

Save Affordable Housing Act of 2019

Introduced: June 25, 2019 Introduced by: Neguse, Joe Democratic · Colorado See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 2019
Referred to the House Committee on Ways and Means.
Jun 25, 2019
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now June 25, 2019

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3