[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6295 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6295

To amend the Internal Revenue Code of 1986 to encourage the building of 
                  housing for moderate income seniors.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2012

   Mr. Baca introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to encourage the building of 
                  housing for moderate income seniors.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MODERATE-INCOME SENIOR HOUSING PROJECT TREATED AS QUALIFIED 
              LOW INCOME HOUSING PROJECT.

    (a) In General.--Subsection (g) of section 42 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(10) Special rule for moderate income senior housing 
        project.--For purposes of this subsection--
                    ``(A) In general.--A qualified senior shall be 
                treated as an individual described in subparagraph (A) 
                or (B) of paragraph (1), as the case may be.
                    ``(B) Qualified senior.--The term `qualified 
                senior' means any individual--
                            ``(i) who has attained the age of 62, and
                            ``(ii) whose income is 140 percent or less 
                        of the income limitation otherwise applicable 
                        under paragraph (1).
                    ``(C) Income limitation for determining rent 
                restriction.--
                            ``(i) In general.--For purposes of 
                        paragraph (2), the income limitation under 
                        paragraph (1) with respect to a residential 
                        unit occupied by a qualified senior shall be 
                        treated as the income limitation described in 
                        subparagraph (B)(ii).
                            ``(ii) Next available unit must be rented 
                        to qualified senior if income rises above 140 
                        percent of income limit.--In the case of a unit 
                        occupied by a qualified senior, if the income 
                        of the occupants of the unit increases above 
                        140 percent of the income limitation, paragraph 
                        (2)(D)(i) shall continue to apply only if any 
                        residential unit in the building (of a size 
                        comparable to, or smaller than, such unit) is 
                        occupied by a new resident who is a qualified 
                        senior.''.
    (b) Preference for Allocating to Moderate Income Senior Housing 
Projects.--Clause (ii) of section 42(m)(1)(B) of such Code is amended 
by adding at the end the following new subclause:
                                    ``(IV) projects serving qualified 
                                seniors (as defined in subsection 
                                (g)(10)(B)), and''.
    (c) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to determinations 
        under section 42 of the Internal Revenue Code of 1986 with 
        respect to housing credit dollar amounts allocated from State 
        housing credit ceilings for calendar years after 2012.
            (2) Buildings not subject to allocation limits.--To the 
        extent paragraph (1) of section 42(h) of such Code does not 
        apply to any building by reason of paragraph (4) thereof, the 
        amendments made by this section shall apply to buildings placed 
        in service after December 31, 2012.
                                 <all>