Bill > S1442

This bill, titled the Improving the Low Income Housing Tax Credit Rate Act, aims to make permanent a minimum tax credit rate for certain new low-income housing developments and establish a minimum 4 percent credit rate for existing buildings that do not receive federal subsidies. The Low Income Housing Tax Credit (LIHTC) is a crucial federal program that incentivizes the development and rehabilitation of affordable rental housing for low-income households. Currently, the minimum rate for unsubsidized buildings is temporary, and this bill seeks to make that provision permanent. Additionally, it introduces a new provision to ensure that existing buildings, when they are not receiving federal subsidies, can still benefit from a minimum 4 percent tax credit rate, thereby encouraging the continued affordability of these properties. These changes are intended to provide greater certainty and support for the creation and preservation of affordable housing across the country.