Bill > HR3126

This bill amends the Internal Revenue Code to provide an incentive for affordable housing projects that implement water submetering. Specifically, the bill increases the eligible basis of a building by 5% if it meets three key conditions: the building has 4 or more units, uses water submeters to bill each unit separately, and allows tenants to access and read their water submeter information within 72 hours of requesting it. Submetering is a method of measuring and billing water usage for individual units in a multi-unit building, which can help promote water conservation and more accurate utility billing. The increased eligible basis means developers of such affordable housing projects can receive a larger low-income housing tax credit, effectively providing a financial incentive to implement water submetering. The bill's provisions will apply to buildings that receive housing credit allocations or are financed by tax-exempt obligations after the date of the Act's enactment, encouraging developers to adopt water submetering in future affordable housing projects.