[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4130 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4130

 To amend the Internal Revenue Code of 1986 to encourage mixed-income 
                          housing development.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 28, 2014

 Mr. Jeffries 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 mixed-income 
                          housing development.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Low and Moderate Income Housing Act 
of 2014''.

SEC. 2. MIXED-INCOME HOUSING TEST FOR LOW-INCOME HOUSING CREDIT.

    (a) In General.--Subparagraph (B) of section 42(g)(1) of the 
Internal Revenue Code of 1986 is amended to read as follows:
                    ``(B) 50-50-120 test.--The project meets the 
                requirements of this subparagraph if 50 percent or more 
                of the residential units in such project are both rent-
                restricted and occupied by individuals whose income is 
                at least 50 percent, but not more than 120 percent, of 
                area median gross income.''.
    (b) Effective Date.--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 after the date of the enactment of this 
Act.
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