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HR 6011 116th Congress House Taxation Homelessness and emergency shelter Housing supply and affordability Income tax exclusion Low- and moderate-income housing State and local finance State and local government operations Tax-exempt organizations

Affordable and Homeless Housing Incentives Act of 2020

Introduced: February 27, 2020 Introduced by: Schiff, Adam B. Democratic · California 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
Feb 27, 2020
Referred to the House Committee on Ways and Means.
Feb 27, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Affordable and Homeless Housing Incentives Act of 2020

This bill allows nonrecognition of gain, for income tax purposes, from the sale of real property to a qualified housing operator for use or development by such operator as affordable housing. The bill defines qualified housing operator to include a state or local government, a tribally designated housing entity, a community housing development organization, or a tax-exempt entity organized to provide affordable housing and which receives federal, state, or local grants to develop or operate such housing.

To be eligible for nonrecognition of gain, the seller must make the property either (1) residential rental property, not less than 75% of the units of which are affordable to low-income families; or (2) a homeless shelter.

What's happening now February 27, 2020

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1