Bill > S5156

This bill, the Affordable Housing Construction Act, aims to enhance the low-income housing tax credit (LIHTC) program. Key provisions include: 1. Increasing the state housing credit ceiling from $1.75 per capita to $9.79 per capita and from $2 million to $11.34 million per state. These amounts will be adjusted for inflation starting in 2025. 2. Providing additional LIHTC basis increases for buildings that pay prevailing wages, utilize renewable energy, are located near public transportation, serve households with people with disabilities, and serve extremely low-income families. 3. Requiring that at least one-third of a state's LIHTC allocation be reserved for projects that meet the criteria in the basis increase provisions. 4. Modifying the tax-exempt bond financing requirement to make it easier for projects to qualify for the LIHTC. 5. Increasing the extended use period for LIHTC properties from 15 years to 35 years. The overall goal is to expand the production and preservation of affordable housing units across the United States.