3.0.0 317 2023-01-11T13:20:28Z 2023-01-11T13:20:28Z Senate S S 2011-02-10 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2011-02-10T21:51:49Z 2011-02-10 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-02-10 Sponsor introductory remarks on measure. (CR S644) IntroReferral B00100 9 Library of Congress 2011-02-10 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2011-02-10 True Housing and Community Development Housing and community development funding Housing supply and affordability Income tax credits Low- and moderate-income housing Residential rehabilitation and home repair Housing and Community Development 00 2011-02-10 Introduced in Senate 2011-03-04T22:09:16Z 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.

]]> Affordable Housing Preservation and Revitalization Act of 2011 Display Title Affordable Housing Preservation and Revitalization Act of 2011 Official Title as Introduced A bill to allow for use of existing Section 8 housing funds, so as to preserve and revitalize affordable housing options for low-income individuals. Introduced in Senate IS Short Titles as Introduced Affordable Housing Preservation and Revitalization Act of 2011 Introduced in Senate 2011-02-10T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s317is/xml/BILLS-112s317is.xml 2011-02-10 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.