Save Affordable Housing Act of 2021
- Last Action
- 6/28/2021
Actions
- 2021-06-28Referred to the House Committee on Ways and Means.
- 2021-06-28Introduced in House
- 2021-06-28Introduced in House
CRS Summary
As of 2021-06-28 (00)
Save Affordable Housing Act of 2021
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, 2019, 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.
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.