Affordable Housing Investment Act of 2008
Latest action · Feb 25, 2008 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1140-1142)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 25, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Affordable Housing Investment Act of 2008 - Amends the Internal Revenue Code to revise and enhance tax incentives for investment in affordable housing, including by: (1) renaming the low-income housing tax credit as the affordable housing credit; (2) revising the applicable percentage rates for such credit; (3) increasing the amount of such credit for low-income buildings that are part of state-designated projects; (4) revising rules for the treatment of scattered site and rural residential rental housing projects; (5) permitting affordable housing credits for federally-assisted moderate rehabilitation developments; (6) allowing an offset against alternative minimum tax liability for affordable housing tax credit amounts; (7) exempting interest on certain exempt private activity bonds, qualified mortgage revenue bonds, qualified veterans' mortgage bonds, and certain exempt facility bonds used for residential rental projects from the alternative minimum tax; and (8) allowing the use of mortgage revenue bonds to provide housing assistance for disaster victims, single parents, and displaced homemakers.
Repeals: (1) rules requiring recapture of income from sales of low-income buildings that are reasonably expected to be operated on a low-income basis; and (2) requirements to use repayments of mortgage revenue bonds for redemptions.
Directs the Secretary of the Treasury to modify regulations for the low-income housing tax credit to disregard certain housing assistance grants for purposes of making reductions in the basis of property eligible for such credit.
Cosponsors 22
Members who signed on, in the order they did. Signatures ran from Feb 25, 2008 to Jul 7, 2008; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OR | Gordon H. Smith | Original | Feb 25, 2008 |
| D-MA | John F. Kerry | Original | Feb 25, 2008 |
| D-CO | Ken Salazar | Original | Feb 25, 2008 |
| R-MN | Norm Coleman | Original | Feb 25, 2008 |
| R-NH | John E. Sununu | Mar 3, 2008 | |
| R-ME | Olympia J. Snowe | Mar 3, 2008 | |
| D-CA | Barbara Boxer | Mar 10, 2008 | |
| R-NV | John Ensign | Apr 22, 2008 | |
| D-NJ | Frank R. Lautenberg | Apr 24, 2008 | |
| D-WI | Herb Kohl | May 6, 2008 | |
| D-MD | Benjamin L. Cardin | May 7, 2008 | |
| D-NY | Charles E. Schumer | May 13, 2008 | |
| R-ME | Susan M. Collins | May 13, 2008 | |
| D-FL | Bill Nelson | May 14, 2008 | |
| R-GA | Johnny Isakson | May 15, 2008 | |
| I-VT | Bernard Sanders | May 21, 2008 | |
| I-CT | Joseph I. Lieberman | Jun 9, 2008 | |
| R-LA | David Vitter | Jun 12, 2008 | |
| D-VT | Patrick J. Leahy | Jun 12, 2008 | |
| D-MN | Amy Klobuchar | Jun 18, 2008 | |
| D-MI | Carl Levin | Jun 24, 2008 | |
| D-IL | Richard J. Durbin | Jul 7, 2008 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Feb 26, 2008 |
Actions 3
Everything that happened, newest first.
- Feb 25, 2008Introduced in Senate
- Feb 25, 2008Sponsor introductory remarks on measure. (CR S1139-1140)
- Feb 25, 2008Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1140-1142)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S1139Text printed S1140–S1142 | Maria Cantwell D-WA (text) | Feb 25, 2008 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to encourage investment in affordable housing, and for other purposes.
- Short Titles as Introduced
- Affordable Housing Investment Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Administrative procedure
- Affordable housing
- Armed Forces and National Security
- Bonds
- Department of the Treasury
- Disaster relief
- Displaced homemakers
- Economics and Public Finance
- Emergency Management
- Families
- Federal aid to housing
- Finance and Financial Sector
- Government Operations and Politics
- Housing and Community Development
- Income tax
- Law
- Low-income housing
- Minimum tax
- Mortgages
- Real estate appraisal
- Rental housing
- Residential rehabilitation
- Rural housing
- Single-parent families
- Social Welfare
- Tax credits
- Tax exemption
- Taxation
- Veterans' loans
Text 1
Each version as it was printed, newest first.
- Feb 25, 2008Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
