Bill > S1136

This bill, the Affordable Housing Credit Improvement Act of 2021, amends the Internal Revenue Code to reform the affordable housing credit (previously known as the low-income housing credit). The key provisions of the bill include: - Increasing state allocations for affordable housing credits, with adjustments for cost-of-living increases. - Expanding the "average income test" to apply to tax-exempt facility bonds. - Codifying and modifying rules related to increased tenant income, student occupancy, and acceptance of tenant vouchers. - Requiring affordable housing properties to protect victims of domestic abuse. - Increasing the credit for projects designated to serve extremely low-income households and for bond-financed projects designated by state agencies. - Eliminating basis reductions for affordable housing properties receiving certain energy benefits. - Restricting planned foreclosures and increasing the population cap for "difficult development areas." - Requiring increased cost oversight and accountability for affordable housing projects. - Expanding the availability of affordable housing credits for Native American and rural areas. - Revising and clarifying the treatment of refunding issues for tax-exempt facility bonds. - Renaming the "low-income housing credit" as the "affordable housing credit."