Affordable Housing Credit Improvement Act of 2017
Latest action · Mar 7, 2017 Read twice and referred to the Committee on Finance.
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.
- IntroducedMar 7, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Affordable Housing Credit Improvement Act of 2017
This bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit "the affordable housing credit" and make several modifications to the credit.
The bill increases state allocations for the credit and modifies the cost-of-living adjustments. It also revises tenant eligibility requirements, with respect to:
- the average income test,
- income eligibility for rural projects,
- increased tenant income,
- student occupancy rules, and
- tenant voucher payments that are taken into account as rent.
The bill revises various requirements to:
- establish a 4% minimum credit rate for certain projects,
- permit relocation costs to be taken into account as rehabilitation expenditures,
- repeal the qualified census tract population cap,
- require housing credit agencies to make certain determinations regarding community revitalization plans,
- prohibit local approval and contribution requirements,
- increase the credit for certain projects designated to serve extremely low-income households,
- increase the credit for certain bond-financed projects designated by state agencies,
- increase the population cap for difficult development areas, and
- eliminate the basis reduction for affordable housing properties that are allowed the credit and receive certain energy-related tax credits and deductions.
The bill also modifies requirements regarding the reconstruction or replacement period after a casualty loss, rights related to building purchases, the prohibition on claiming acquisition credits for properties placed in service in the previous 10 years, foreclosures, and projects that assist Native Americans.
Cosponsors 45
Members who signed on, in the order they did. Signatures ran from Mar 7, 2017 to Dec 17, 2018, with 12 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-HI | Brian Schatz | Original | Mar 7, 2017 |
| D-NY | Charles E. Schumer | Original | Mar 7, 2017 |
| D-NJ | Cory A. Booker | Original | Mar 7, 2017 |
| R-NV | Dean Heller | Original | Mar 7, 2017 |
| D-OR | Jeff Merkley | Original | Mar 7, 2017 |
| R-AK | Lisa Murkowski | Original | Mar 7, 2017 |
| D-CO | Michael F. Bennet | Original | Mar 7, 2017 |
| R-UT | Orrin G. Hatch | Original | Mar 7, 2017 |
| D-VT | Patrick J. Leahy | Original | Mar 7, 2017 |
| D-OR | Ron Wyden | Original | Mar 7, 2017 |
| R-ME | Susan M. Collins | Original | Mar 7, 2017 |
| R-IN | Todd Young | Original | Mar 7, 2017 |
| D-NH | Jeanne Shaheen | Mar 13, 2017 | |
| R-OH | Rob Portman | Mar 13, 2017 | |
| I-VT | Bernard Sanders | Apr 6, 2017 |
Actions 2
Everything that happened, newest first.
- Mar 7, 2017Introduced in Senate
- Mar 7, 2017Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1661 | Affordable Housing Credit Improvement Act of 2017 | Related bill | Jan 16, 2018 |
| HR 4185 | Access to Affordable Housing Act | Related bill | Oct 31, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Alternative and renewable resources
- Building construction
- Business investment and capital
- Energy efficiency and conservation
- Housing finance and home ownership
- Housing supply and affordability
- Income tax credits
- Indian social and development programs
- Inflation and prices
- Low- and moderate-income housing
- Residential rehabilitation and home repair
- Securities
- State and local finance
- State and local government operations
- Taxation
Text 1
Each version as it was printed, newest first.
- Mar 7, 2017Introduced 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.