S 4078
116th Congress
Senate
Taxation
Building construction
Cardiovascular and respiratory health
Economic development
Emergency medical services and trauma care
Employment and training programs
Income tax credits
Income tax exclusion
Indian social and development programs
Infectious and parasitic diseases
Inflation and prices
Landlord and tenant
Low- and moderate-income housing
Mental health
Residential rehabilitation and home repair
Rural conditions and development
Securities
State and local finance
State and local government operations
Emergency Affordable Housing Act of 2020
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 2020
Read twice and referred to the Committee on Finance.
Jun 25, 2020
Introduced in Senate
Plain-English summary
Emergency Affordable Housing Act of 2020
This bill enhances provisions of the low-income housing tax credit and adjusts the credit to provide assistance during the COVID-19 (i.e., coronavirus disease 2019) pandemic.
Specifically, the bill
- increases to three years (currently, two years) following an allocation of housing credits, the period for making rehabilitation expenditures for a low-income housing tax credit project;
- extends to three years the period during which a project may be placed in service and remain eligible for the credit;
- reduces for a two-year period the financing percentage for an affordable housing project from 50% to 25%;
- establishes a 4% minimum credit rate for affordable housing projects that received a housing credit allocation after 2019;
- makes permanent the expansion of the 9% housing tax credit;
- increases the credit for low-income housing tax credit buildings that designate at least 20% of their occupied units for extremely low-income households;
- increases the credit during a specified temporary period to compensate for construction or leasing delays due to the COVID-19 pandemic; and
- allows a credit for low-income housing supportive services.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1