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HR 3719 118th Congress House Taxation

Save Affordable Housing Act of 2023

Introduced: May 25, 2023 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
May 25, 2023
Referred to the House Committee on Ways and Means.
May 25, 2023
Introduced in House
 Plain-English summary Congressional Research Service

Save Affordable Housing Act of 2023

This bill revises 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, 2023, 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 eligible for 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 May 25, 2023

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1