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; 12 are original cosponsors, there from 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 | |
| D-NH | Margaret Wood Hassan | Apr 6, 2017 | |
| R-AK | Dan Sullivan | May 15, 2017 | |
| D-WA | Patty Murray | May 15, 2017 | |
| R-GA | Johnny Isakson | Jun 14, 2017 | |
| R-SC | Lindsey Graham | Oct 2, 2017 | |
| D-VA | Tim Kaine | Oct 31, 2017 | |
| R-SC | Tim Scott | Oct 31, 2017 | |
| D-MN | Amy Klobuchar | Mar 22, 2018 | |
| I-ME | Angus S. King Jr. | Mar 22, 2018 | |
| D-MD | Benjamin L. Cardin | Mar 22, 2018 | |
| D-FL | Bill Nelson | Mar 22, 2018 | |
| D-DE | Christopher A. Coons | Mar 22, 2018 | |
| D-MI | Debbie Stabenow | Mar 22, 2018 | |
| D-CA | Dianne Feinstein | Mar 22, 2018 | |
| D-MA | Edward J. Markey | Mar 22, 2018 | |
| D-ND | Heidi Heitkamp | Mar 22, 2018 | |
| D-NY | Kirsten E. Gillibrand | Mar 22, 2018 | |
| D-HI | Mazie K. Hirono | Mar 22, 2018 | |
| D-NJ | Robert Menendez | Mar 22, 2018 | |
| D-PA | Robert P. Casey Jr. | Mar 22, 2018 | |
| D-RI | Sheldon Whitehouse | Mar 22, 2018 | |
| D-OH | Sherrod Brown | Mar 22, 2018 | |
| D-IL | Tammy Duckworth | Mar 22, 2018 | |
| D-DE | Thomas R. Carper | May 21, 2018 | |
| D-MA | Elizabeth Warren | Sep 6, 2018 | |
| D-NV | Catherine Cortez Masto | Nov 14, 2018 | |
| D-AL | Doug Jones | Nov 14, 2018 | |
| D-CA | Kamala D. Harris | Nov 14, 2018 | |
| R-WV | Shelley Moore Capito | Nov 14, 2018 | |
| D-CT | Richard Blumenthal | Dec 17, 2018 |
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 Mar 7, 2017 |
Actions 2
Everything that happened, newest first.
- Mar 7, 2017Introduced in Senate
- Mar 7, 2017Read twice and referred to the Committee on Finance.
In the Congressional Record 2
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 S7080 | Maria Cantwell D-WA | Nov 8, 2017 |
| Senate | Debate and remarks S1592, S1593 | Maria Cantwell D-WA | Mar 6, 2017 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 4
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 115-254 | BUILDING TRIBAL ECONOMIES: MODERNIZING TAX POLICIES THAT WORK FOR INDIAN COUNTRY69 pages | Indian Affairs Committee | Nov 1, 2017 |
| S. Hrg. 115-342 | BUSINESS TAX REFORM167 pages | Finance Committee | Sep 19, 2017 |
| S. Hrg. 115-288 | AMERICA'S AFFORDABLE HOUSING CRISIS: CHALLENGES AND SOLUTIONS152 pages | Finance Committee | Aug 1, 2017 |
| S. Hrg. 115-244 | FISCAL YEAR 2018 BUDGET PROPOSALS FOR THE DEPARTMENT OF THE TREASURY AND TAX REFORM109 pages | Finance Committee | May 25, 2017 |
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 |
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 reform the low-income housing credit, and for other purposes.
- Short Titles as Introduced
- Affordable Housing Credit Improvement Act of 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
