3.0.0 3365 2023-01-11T13:41:41Z 2023-01-11T13:41:41Z Senate S 2018-08-22 115 ssfi00 Finance Committee Senate Standing Referred to 2018-08-22T19:00:43Z 2018-08-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-08-22 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N Taxation Taxation 00 2018-08-22 Introduced in Senate 2018-08-28T17:36:47Z Middle-Income Housing Tax Credit Act of 2018

This bill amends the Internal Revenue Code to allow a tax credit for the development of housing for middle-income households.

The credit is based on the existing low-income housing tax credit and applies to the development or rehabilitation of residential rental properties if: (1) 60% or more of the residential units in the project are both rent-restricted and occupied by individuals whose income is 100% or less of the area median gross income, and (2) the project is not federally subsidized or financed with a federally funded grant.

The credits are allocated to each state based on population, and state housing agencies then distribute the credits to developers using a competitive process. The credits are paid over a 15-year credit period, and the amounts of the credits are based on a percentage of a project's qualified basis, which is the portion of the project dedicated to affordable middle-income housing.

The credit dollar amount allocated to a project may not exceed the amount that is necessary for the financial feasibility of the project and its viability as a qualified middle-income housing project throughout the credit period.

To qualify for the credit, the developer must make a long-term commitment to middle-income housing, under which the affordability restrictions for a property remain in place for at least an additional 15 years after the close of the credit period.

]]> Middle-Income Housing Tax Credit Act of 2018 Display Title Middle-Income Housing Tax Credit Act of 2018 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes. Introduced in Senate IS Short Titles as Introduced Middle-Income Housing Tax Credit Act of 2018 Introduced in Senate 2018-08-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3365is/xml/BILLS-115s3365is.xml 2018-08-22 Read twice and referred to the Committee on Finance. 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.