H.R. 4572 — Save Affordable Housing Act of 2025

This section limits the qualified contract option under the low-income housing tax credit (LIHTC)—which allows owners to exit the extended-use affordability period after 15 years by selling the property at a formula price—to buildings receiving a housing credit dollar amount allocation before January 1, 2025, or certain tax-exempt bond-financed buildings receiving a pre-2025 eligibility determination from the bond issuer or housing credit agency (HCA). (Thus, owners of buildings allocated credits on or after that date must maintain affordability for the full 30-year compliance period.) For existing projects, it requires sale of both the low-income and non-low-income portions at fair market value as determined by the HCA (taking into account rent restrictions on low-income units) upon submission of a written request after enactment. The section makes conforming amendments, including striking one subparagraph and redesignating others, and applies generally upon enactment.