Bill > HR418

This bill, the Affordable Housing Equity Act of 2023, proposes to amend the Internal Revenue Code to designate projects serving extremely low-income households for the purpose of allocating the State housing credit ceiling and determining an increased amount of low-income housing tax credit. Specifically, it sets aside up to a certain percentage of the State housing credit ceiling for buildings where at least 20% of the residential units are rent-restricted and designated for occupancy by households with incomes not exceeding 30% of the area median gross income or 100% of the federal poverty line. Additionally, the bill allows for an increase in the eligible basis of such buildings to 150% in order to make them financially feasible as part of a qualified low-income housing project.