Affordable Housing Preservation and Revitalization Act of 2011
Latest action · Feb 10, 2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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 10, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Affordable Housing Preservation and Revitalization Act of 2011 - Amends the United States Housing Act of 1937 to direct the Secretary of Housing and Urban Development (HUD) to ensure that funds in the residual receipts account of an eligible multifamily housing property are transferred, at the time of a qualified sale or exchange, to preservation entities.
Requires that funds in the residual receipts account be used, subject to housing agency approval, to: (1) pay for rehabilitation costs approved by the housing agency; (2) deposit funds into the property's replacement reserve account; and (3) pay for social and other services, associated acquisition costs, and any other costs that have been approved by the housing agency and will directly benefit such tenants.
Defines "preservation entity" as: (1) a nonprofit tax-exempt corporation, or (2) a limited partnership or limited liability company where the sole general partner or sole managing member of such ownership entity is a nonprofit tax-exempt corporation, and (3) that has the capacity to acquire and preserve an eligible multifamily housing property.
States that, for purposes of the low-income housing credit under the Internal Revenue Code, residual receipts used or transferred under this Act shall not be considered federal funds.
Cosponsors 1
Members who signed on, in the order they did. All signed on Feb 10, 2011.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Jeff Merkley | Original | Feb 10, 2011 |
Actions 3
Everything that happened, newest first.
- Feb 10, 2011Introduced in Senate
- Feb 10, 2011Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Feb 10, 2011Sponsor introductory remarks on measure. (CR S644)
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Feb 10, 2011Introduced 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.