summary
Introduced
06/25/2019
06/25/2019
In Committee
06/25/2019
06/25/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes. 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.
AI Summary
This bill amends the Internal Revenue Code to repeal the qualified contract exception to the extended low-income housing commitment rules for the purposes of the low-income housing tax credit. Under current law, properties subject to the low-income housing tax credit are required to maintain affordable housing for a 30-year period. The qualified contract option allowed property owners to convert to market-rate housing after 15 years in some cases. This bill eliminates that option for buildings that received their housing credit allocation or eligibility determination before January 1, 2019, effectively extending the affordability period for those properties.
Committee Categories
Budget and Finance
Sponsors (7)
Ron Wyden (D)*,
Michael Bennet (D),
Sherrod Brown (D),
Maria Cantwell (D),
Ben Cardin (D),
Maggie Hassan (D),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Finance. (on 06/25/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/1956/all-info |
| BillText | https://www.congress.gov/116/bills/s1956/BILLS-116s1956is.pdf |
| Bill | https://www.congress.gov/116/bills/s1956/BILLS-116s1956is.pdf.pdf |
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