Affordable Housing Credit Improvement Act of 2023
Latest action · Apr 16, 2024 Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 118-555.
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.
- IntroducedMay 11, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Affordable Housing Credit Improvement Act of 2023
This bill revises provisions of the low-income housing tax credit and renames it as the affordable housing tax credit.
The bill increases the per capita dollar amount of the credit and its minimum ceiling amount beginning in 2023 and extends the inflation adjustment for such amounts.
The bill modifies tenant income eligibility requirements and the average income formula for determining such income. It also revises rules for student occupancy of rental units and tenant voucher payments, and prohibits any refusal to rent to victims of domestic abuse.
The bill further modifies the credit to
- increase state allocations of the credit;
- repeal the qualified census tract population cap;
- prohibit consideration of local approval and local government contribution requirements for housing projects;
- 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;
- eliminate the basis reduction for properties that receive certain energy-related tax benefits; and
- increase the population cap for difficult development areas (i.e., areas with high construction, land, and utility costs relative to area median gross income).
The bill also includes Indian and rural areas as difficult development areas and modifies other requirements relating to casualty losses, tax-exempt bond financing, and foreclosures.
Cosponsors 34
Members who signed on, in the order they did. Signatures ran from May 11, 2023 to Dec 5, 2024; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TN | Marsha Blackburn | Original | May 11, 2023 |
| D-OR | Ron Wyden | Original | May 11, 2023 |
| R-IN | Todd Young | Original | May 11, 2023 |
| D-MD | Benjamin L. Cardin | May 18, 2023 | |
| R-KS | Jerry Moran | May 18, 2023 | |
| R-ND | Kevin Cramer | May 18, 2023 | |
| R-AK | Lisa Murkowski | May 18, 2023 | |
| D-NH | Margaret Wood Hassan | May 18, 2023 | |
| D-VA | Mark R. Warner | May 18, 2023 | |
| D-NJ | Robert Menendez | May 18, 2023 | |
| R-KS | Roger Marshall | May 18, 2023 | |
| D-RI | Sheldon Whitehouse | May 18, 2023 | |
| R-ME | Susan M. Collins | May 18, 2023 | |
| I-ME | Angus S. King Jr. | Jun 1, 2023 | |
| R-LA | Bill Cassidy | Jun 1, 2023 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred May 11, 2023 |
| Senate | Banking, Housing, and Urban Affairs Committee | Hearings Mar 12, 2024 |
| Housing, Transportation, and Community Development Subcommittee | Hearings Apr 16, 2024 |
Actions 4
Everything that happened, newest first.
- Apr 16, 2024Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 118-555.
- Mar 12, 2024Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
- May 11, 2023Introduced in Senate
- May 11, 2023Read twice and referred to the Committee on Finance.
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 3
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. 118-555 | CHALLENGES IN PRESERVING THE U.S. HOUSING STOCK87 pages | Banking, Housing, and Urban Affairs Committee | Apr 16, 2024 |
| S. Hrg. 118-548 | EXAMINING PROPOSALS TO ADDRESS HOUSING AFFORDABILITY, AVAILABILITY, AND OTHER COMMUNITY NEEDS456 pages | Banking, Housing, and Urban Affairs Committee | Mar 12, 2024 |
| Serial No. 118-77 | RESTORING PROSPERITY IN AMERICAN COMMUNITIES: EXAMINING THE FAILURES OF STATUS QUO HOUSING POLICY57 pages | Financial Services Committee | Feb 22, 2024 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF12862 | The Section 179D Energy Efficient Commercial Buildings Deduction | Resource | Apr 8, 2026 |
| R47628 | Housing Issues in the 118th Congress | Report | Jan 13, 2025 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3238 | Affordable Housing Credit Improvement Act of 2023 | Identical bill | May 11, 2023 |
| HR 10009 | Revitalizing America’s Housing Act | Related bill | Oct 18, 2024 |
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 Title(s) as Introduced
- Affordable Housing Credit Improvement Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Assault and harassment offenses
- Business investment and capital
- Census and government statistics
- Crime victims
- Disability and paralysis
- Domestic violence and child abuse
- Energy efficiency and conservation
- Higher education
- Housing and community development funding
- Housing supply and affordability
- Human trafficking
- Income tax credits
- Income tax deductions
- Income tax exclusion
- Indian social and development programs
- Inflation and prices
- Landlord and tenant
- Lighting, heating, cooling
- Low- and moderate-income housing
- Marriage and family status
- Residential rehabilitation and home repair
- Rural conditions and development
- Securities
- Sex offenses
- State and local finance
- State and local government operations
- Taxation
- Veterans' loans, housing, homeless programs
Text 1
Each version as it was printed, newest first.
- May 11, 2023Introduced 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.
