3.0.0 3719 2024-07-24T15:21:51Z 2024-07-24T15:21:51Z House H HR 2023-05-25 118 [Congressional Record Volume 169, Number 89 (Thursday, May 25, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NEGUSE:H.R. 3719.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8The single subject of this legislation is:To revise the low-income housing tax credit to repeal thequalified contract option for a building that received itsallocation of housing credit dollar amount.[Page H2641]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-05-25T13:03:30Z 2023-05-25 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-05-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-05-25 Introduced in House IntroReferral 1000 9 Library of Congress N000191 Rep. Neguse, Joe [D-CO-2] Joe Neguse D CO 2 N C001134 Rep. Caraveo, Yadira [D-CO-8] Yadira Caraveo D CO 8 2023-11-28 False Taxation Taxation 2023-06-22T15:30:26Z 00 2023-05-25 Introduced in House 2023-07-24T15:55:48Z Save Affordable Housing Act of 2023

This bill revises the low-income housing tax credit to repeal the qualified contract option for a building that received its allocation of housing credit dollar amount before January 1, 2023, or received before that date, a determination from the bond issuer or housing credit agency of its eligibility to receive an allocation of a housing credit dollar amount.

Under current law, properties eligible for the low-income housing tax credit are subject to a 30-year affordability period, during which the value of properties is set at a below market rate. The qualified contract option allows property owners, in some cases, to convert to market rate after 15 years.

]]> Save Affordable Housing Act of 2023 Display Title 45 Save Affordable Housing Act of 2023 2024-07-24T15:21:51Z Short Title(s) as Introduced 101 Save Affordable Housing Act of 2023 2024-05-24T13:39:20Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes. 2024-03-18T20:54:31Z Introduced in House IH Introduced in House 2023-05-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr3719ih/xml/BILLS-118hr3719ih.xml 2023-05-25 Referred to the House Committee on Ways and Means. 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.