US S1557

Bill

US S1557

Affordable Housing Credit Improvement Act of 2023

Introduced
05/11/2023

In Committee
05/11/2023

Crossed Over

Passed

Dead
01/03/2025

Introduced Session

118th Congress

Bill Summary

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

AI Summary

This bill, the Affordable Housing Credit Improvement Act of 2023, aims to reform and strengthen the low-income housing tax credit program. It makes several key changes, including: increasing the state allocations for the credit, expanding tenant eligibility rules, modifying rules around credit determination and eligibility, providing assistance for Native American and rural housing projects, revising the treatment of tax-exempt bond financing, and creating a new "affordable housing tax credit." The bill also expresses a sense of Congress that the program should be made more transparent and that steps should be taken to discourage discriminatory land use policies that limit affordable housing.

Committee Categories

Budget and Finance

Sponsors (35)

Maria Cantwell (D)*, Michael Bennet (D), Marsha Blackburn (R), John Boozman (R), Katie Boyd Britt (R), Sherrod Brown (D), Ted Budd (R), Laphonza Butler (D), Shelley Moore Capito (R), Ben Cardin (D), Tom Carper (D), Bob Casey (D), Bill Cassidy (R), Susan Collins (R), Catherine Cortez Masto (D), Kevin Cramer (R), Maggie Hassan (D), Martin Heinrich (D), Cindy Hyde-Smith (R), Mark Kelly (D), Angus King (I), Roger Marshall (R), Bob Menendez (D), Jerry Moran (R), Lisa Murkowski (R), Alex Padilla (D), Mike Rounds (R), Debbie Stabenow (D), Dan Sullivan (R), Thom Tillis (R), Mark Warner (D), Sheldon Whitehouse (D), Roger Wicker (R), Ron Wyden (D), Todd Young (R),

Last Action

Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. (on 04/16/2024)

Official Document

https://www.congress.gov/bill/118th-congress/senate-bill/1557/all-info

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/118th-congress/senate-bill/1557/all-info
BillText	https://www.congress.gov/118/bills/s1557/BILLS-118s1557is.pdf

Bill	Bill Name	Last Action	Type
HR10009	Revitalizing America’s Housing Act	Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Oversight and Accountability, Energy and Commerce, and Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR3238	Affordable Housing Credit Improvement Act of 2023	Referred to the House Committee on Ways and Means.	Same As

Bill > S1557

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (35)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary