118 HR 9856 IH: Accelerated Supply of Affordable Production Housing Act U.S. House of Representatives 2024-09-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 9856IN THE HOUSE OF REPRESENTATIVESSeptember 25, 2024Mr. Torres of New York introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to establish an exception to the volume cap for certain bonds to finance the preservation, improvement, or development of affordable rental housing buildings.

1.

Short title

This Act may be cited as the Accelerated Supply of Affordable Production Housing Act or the ASAP Housing Act.

2.

Exception to volume cap for bonds to finance affordable housing

(a)

In general

Section 146(g) of the Internal Revenue Code of 1986 is amended—(1)in paragraph (5), by striking and at the end,(2)in paragraph (6), striking the period at the end and inserting , and, and (3)by inserting after paragraph (6) the following new paragraph: (7)any bond—(A)to finance the preservation, improvement, or development of affordable rental housing buildings in which 100 percent of units are affordable for low-income households, and(B)which is issued during the period of calendar years 2025 through 2034..(b)

Coordination with low-Income housing credit

Section 42(h)(4)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting or is described in subsection (g)(7) of such section after section 146. (c)

Effective date

The amendments made by this section shall apply to bonds issued after December 31, 2024.