Save Affordable Housing Act of 2023
- Last Action
- 5/25/2023
Actions
- 2023-05-25Referred to the House Committee on Ways and Means.
- 2023-05-25Introduced in House
- 2023-05-25Introduced in House
CRS Summary
As of 2023-05-25 (00)
Save Affordable Housing Act of 2023
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.
Cosponsors (1)
- Yadira Caraveo (D-CO)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.