Bill > S548

Introduced Session

Affordable Housing Credit Improvement Act of 2017 This bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit "the affordable housing credit" and make several modifications to the credit. The bill increases state allocations for the credit and modifies the cost-of-living adjustments. It also revises tenant eligibility requirements, with respect to: the average income test, income eligibility for rural projects, increased tenant income, student occupancy rules, and tenant voucher payments that are taken into account as rent. The bill revises various requirements to: establish a 4% minimum credit rate for certain projects, permit relocation costs to be taken into account as rehabilitation expenditures, repeal the qualified census tract population cap, require housing credit agencies to make certain determinations regarding community revitalization plans, prohibit local approval and contribution requirements, increase the credit for certain projects designated to serve extremely low-income households, increase the credit for certain bond-financed projects designated by state agencies, increase the population cap for difficult development areas, and eliminate the basis reduction for affordable housing properties that are allowed the credit and receive certain energy-related tax credits and deductions. The bill also modifies requirements regarding the reconstruction or replacement period after a casualty loss, rights related to building purchases, the prohibition on claiming acquisition credits for properties placed in service in the previous 10 years, foreclosures, and projects that assist Native Americans.

Committee Categories

Maria Cantwell (D)*,  Michael Bennet (D),  Richard Blumenthal (D),  Cory Booker (D),  Sherrod Brown (D),  Shelley Moore Capito (R),  Ben Cardin (D),  Tom Carper (D),  Bob Casey (D),  Susan Collins (R),  Chris Coons (D),  Catherine Cortez Masto (D),  Tammy Duckworth (D),  Dianne Feinstein (D),  Kirsten Gillibrand (D),  Lindsey Graham (R),  Kamala Harris (D),  Maggie Hassan (D),  Orrin Hatch (R),  Heidi Heitkamp (D),  Dean Heller (R),  Mazie Hirono (D),  Johnny Isakson (R),  Doug Jones (D),  Tim Kaine (D),  Angus King (I),  Amy Klobuchar (D),  Patrick Leahy (D),  Ed Markey (D),  Bob Menendez (D),  Jeff Merkley (D),  Lisa Murkowski (R),  Patty Murray (D),  Bill Nelson (D),  Rob Portman (R),  Bernie Sanders (I),  Brian Schatz (D),  Chuck Schumer (D),  Tim Scott (R),  Jeanne Shaheen (D),  Debbie Stabenow (D),  Dan Sullivan (R),  Elizabeth Warren (D),  Sheldon Whitehouse (D),  Ron Wyden (D),  Todd Young (R), 

Read twice and referred to the Committee on Finance. (on 03/07/2017)

Official Document