3.0.0 4078 2023-01-11T13:46:08Z 2023-01-11T13:46:08Z Senate S 2020-06-25 116 ssfi00 Finance Committee Senate Standing Referred to 2020-06-25T19:17:01Z Moving Forward Act 116 2 HR 2020-07-20 Received in the Senate. Related bill CRS Save Affordable Housing Act of 2019 116 3479 HR 2019-06-25 Referred to the House Committee on Ways and Means. Related bill CRS Save Affordable Housing Act of 2019 116 1956 S 2019-06-25 Read twice and referred to the Committee on Finance. Related bill CRS Opportunity Starts At Home Act 116 7351 HR 2020-06-25 Referred to the House Committee on Ways and Means. Related bill CRS 2020-06-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-06-25 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2020-06-25 True B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2020-06-25 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2020-06-25 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2020-08-12 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2020-08-12 False Taxation Building construction Cardiovascular and respiratory health Economic development Emergency medical services and trauma care Employment and training programs Income tax credits Income tax exclusion Indian social and development programs Infectious and parasitic diseases Inflation and prices Landlord and tenant Low- and moderate-income housing Mental health Residential rehabilitation and home repair Rural conditions and development Securities State and local finance State and local government operations Taxation 00 2020-06-25 Introduced in Senate 2021-05-13T15:43:04Z Emergency Affordable Housing Act of 2020

This bill enhances provisions of the low-income housing tax credit and adjusts the credit to provide assistance during the COVID-19 (i.e., coronavirus disease 2019) pandemic.

Specifically, the bill

  • increases to three years (currently, two years) following an allocation of housing credits, the period for making rehabilitation expenditures for a low-income housing tax credit project;
  • extends to three years the period during which a project may be placed in service and remain eligible for the credit;
  • reduces for a two-year period the financing percentage for an affordable housing project from 50% to 25%;
  • establishes a 4% minimum credit rate for affordable housing projects that received a housing credit allocation after 2019;
  • makes permanent the expansion of the 9% housing tax credit;
  • increases the credit for low-income housing tax credit buildings that designate at least 20% of their occupied units for extremely low-income households;
  • increases the credit during a specified temporary period to compensate for construction or leasing delays due to the COVID-19 pandemic; and
  • allows a credit for low-income housing supportive services.
]]> Emergency Affordable Housing Act of 2020 Display Title Emergency Affordable Housing Act of 2020 Short Title(s) as Introduced Emergency Affordable Housing Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to improve the low-income housing credit and provide relief relating to the coronavirus emergency, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-06-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4078is/xml/BILLS-116s4078is.xml 2020-06-25 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.