118th Congress · HOUSE BILLBILL

H.R. 3719 — Save Affordable Housing Act of 2023

“To amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes.”

Taxation

Introduced May 25, 2023

Last action May 25, 2023

Pipeline · Bill → Law

Step 1

Introduced

May 25, 2023

Step 2

Referred

May 25, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill revises the low-income housing tax credit to repeal the qualified contract option for a building that received its allocation of housing credit dollar amount before January 1, 2023, or received before that date, a determination from the bond issuer or housing credit agency of its eligibility to receive an allocation of a housing credit dollar amount. Under current law, properties eligible for the low-income housing tax credit are subject to a 30-year affordability period, during which the value of properties is set at a below market rate. The qualified contract option allows property owners, in some cases, to convert to market rate after 15 years.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

May 25, 2023

Introduced in House

May 25, 2023

Referred to the House Committee on Ways and Means.