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S. 1557 118th Congress Senate

Affordable Housing Credit Improvement Act of 2023

Official title: A bill to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes.

Introduced: March 19, 2024 Introduced by: Maria Cantwell Democratic · Washington See on congress.gov
Taxation Assault and harassment offensesBusiness investment and capitalCensus and government statisticsCrime victims
More subjectsShow fewer subjects
Disability and paralysisDomestic violence and child abuseEnergy efficiency and conservationHigher educationHousing and community development fundingHousing supply and affordabilityHuman traffickingIncome tax creditsIncome tax deductionsIncome tax exclusionIndian social and development programsInflation and pricesLandlord and tenantLighting, heating, coolingLow- and moderate-income housingMarriage and family statusResidential rehabilitation and home repairRural conditions and developmentSecuritiesSex offensesState and local financeState and local government operationsVeterans' loans, housing, homeless programs
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 16, 2024
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 118-555.
Mar 12, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
May 11, 2023
Read twice and referred to the Committee on Finance.
May 11, 2023
Introduced in Senate
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 Latest action April 16, 2024

Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 118-555.

 Plain-English summary Congressional Research Service

Affordable Housing Credit Improvement Act of 2023

This bill revises provisions of the low-income housing tax credit and renames it as the affordable housing tax credit.

The bill increases the per capita dollar amount of the credit and its minimum ceiling amount beginning in 2023 and extends the inflation adjustment for such amounts.

The bill modifies tenant income eligibility requirements and the average income formula for determining such income. It also revises rules for student occupancy of rental units and tenant voucher payments, and prohibits any refusal to rent to victims of domestic abuse.

The bill further modifies the credit to

  • increase state allocations of the credit;
  • repeal the qualified census tract population cap;
  • prohibit consideration of local approval and local government contribution requirements for housing projects;
  • increase the credit for certain projects designated to serve extremely low-income households;
  • increase the credit for certain bond-financed projects designated by state agencies;
  • eliminate the basis reduction for properties that receive certain energy-related tax benefits; and
  • increase the population cap for difficult development areas (i.e., areas with high construction, land, and utility costs relative to area median gross income).

The bill also includes Indian and rural areas as difficult development areas and modifies other requirements relating to casualty losses, tax-exempt bond financing, and foreclosures.

 Related & companion bills 2
  • HR 3238 Identical bill Affordable Housing Credit Improvement Act of 2023
  • HR 10009 Revitalizing America’s Housing Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Lobbying activity 3

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

 Cosponsors 27
All 27 Democratic 9 Republican 17 Independent 1
R
Hyde-Smith, Cindy
Mississippi · Mar 19, 2024
 D
Kelly, Mark
Arizona · Mar 19, 2024
 D
Padilla, Alex
California · Mar 19, 2024
 R
Wicker, Roger F.
Mississippi · Mar 19, 2024
 R
Boozman, John
Arkansas · Sep 26, 2023
 R
Britt, Katie Boyd
Alabama · Jul 27, 2023
 R
Budd, Ted
North Carolina · Jul 11, 2023
 D
Cortez Masto, Catherine
Nevada · Jul 11, 2023
 D
Bennet, Michael F.
Colorado · Jul 10, 2023
 R
Sullivan, Dan
Alaska · Jul 10, 2023
 R
Tillis, Thomas
North Carolina · Jul 10, 2023
 R
Capito, Shelley Moore
West Virginia · Jun 20, 2023
 D
Heinrich, Martin
New Mexico · Jun 20, 2023
 R
Rounds, Mike
South Dakota · Jun 8, 2023
 R
Cassidy, Bill
Louisiana · Jun 1, 2023
 I
King, Angus S., Jr.
Maine · Jun 1, 2023
 R
Collins, Susan M.
Maine · May 18, 2023
 R
Cramer, Kevin
North Dakota · May 18, 2023
 D
Hassan, Margaret Wood
New Hampshire · May 18, 2023
 R
Marshall, Roger
Kansas · May 18, 2023
 R
Moran, Jerry
Kansas · May 18, 2023
 R
Murkowski, Lisa
Alaska · May 18, 2023
 D
Warner, Mark R.
Virginia · May 18, 2023
 D
Whitehouse, Sheldon
Rhode Island · May 18, 2023
 R
Blackburn, Marsha
Tennessee · May 11, 2023
 D
Wyden, Ron
Oregon · May 11, 2023
 R
Young, Todd
Indiana · May 11, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1557: Affordable Housing Credit Improvement Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-1557/
MLA
"S. 1557: Affordable Housing Credit Improvement Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-1557/.
Bluebook (legal)
S. 1557, 118th Cong. (2026), https://openamerica.io/bill/118-S-1557/.
Markdown link
[S. 1557: Affordable Housing Credit Improvement Act of 2023](https://openamerica.io/bill/118-S-1557/)
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