[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7078 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7078

 To amend title VI of the Social Security Act to allow State and Local 
 Fiscal Recovery Funds to be loaned for low-income housing tax credit 
                               projects.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2022

Ms. Adams (for herself, Mr. Rouzer, and Mrs. Carolyn B. Maloney of New 
    York) introduced the following bill; which was referred to the 
                   Committee on Oversight and Reform

_______________________________________________________________________

                                 A BILL


 
 To amend title VI of the Social Security Act to allow State and Local 
 Fiscal Recovery Funds to be loaned for low-income housing tax credit 
                               projects.

    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 ``LIHTC Financing Enabling Long-term 
Investment in Neighborhood Excellence Act'' or the ``LIFELINE Act''.

SEC. 2. AUTHORITY TO LOAN STATE AND LOCAL FISCAL RECOVERY FUNDS FOR 
              LOW-INCOME HOUSING TAX CREDIT PROJECTS.

    (a) In General.--Title VI of the Social Security Act (42 U.S.C. 801 
et seq.) is amended--
            (1) in section 602--
                    (A) in subsection (a)(1), by inserting ``(except as 
                provided in subsection (c)(5))'' after ``December 31, 
                2024''; and
                    (B) in subsection (c)--
                            (i) in paragraph (1), in the matter 
                        preceding subparagraph (A), by striking 
                        ``paragraph (3)'' and inserting ``paragraphs 
                        (3), (4), and (5)''; and
                            (ii) by adding at the end the following new 
                        paragraph:
            ``(5) Use of funds for low-income housing tax credit 
        projects.--
                    ``(A) In general.--A State, territory, or Tribal 
                government may use funds provided under this section to 
                finance `qualified low-income housing projects' within 
                the meaning of section 42(g) of the Internal Revenue 
                Code of 1986 with loans having maturities of 30 or more 
                years. Such loans must be obligated by December 31, 
                2024, and expended for eligible costs by December 31, 
                2026. Any amount loaned in accordance with this 
                subparagraph shall be considered incurred in accordance 
                with the requirements of this subsection.
                    ``(B) Returned or repaid funds.--Under regulations 
                prescribed by the Secretary, any funds used by a State, 
                territory, or Tribal government in accordance with 
                subparagraph (A) that are returned to the State, 
                territory, or Tribal government, including from loan 
                repayment, shall be used to finance affordable housing, 
                including `qualified low-income housing projects' 
                within the meaning of section 42(g) of the Internal 
                Revenue Code of 1986.''; and
            (2) in section 603--
                    (A) in subsection (a), by inserting ``(except as 
                provided in subsection (c)(6))'' after ``December 31, 
                2024''; and
                    (B) in subsection (c)--
                            (i) in paragraph (1), in the matter 
                        preceding subparagraph (A), by striking 
                        ``paragraphs (3) and (4)'' and inserting 
                        ``paragraphs (3), (4), (5), and (6)''; and
                            (ii) by adding at the end the following new 
                        paragraph:
            ``(6) Use of funds for low-income housing tax credit 
        projects.--
                    ``(A) In general.--A metropolitan city, 
                nonentitlement unit of local government, or county may 
                use funds provided under this section to finance 
                `qualified low-income housing projects' within the 
                meaning of section 42(g) of the Internal Revenue Code 
                of 1986 with loans having maturities of 30 or more 
                years. Such loans must be obligated by December 31, 
                2024, and expended for eligible costs by December 31, 
                2026. Any amount loaned in accordance with this 
                subparagraph shall be considered incurred in accordance 
                with the requirements of this subsection.
                    ``(B) Returned or repaid funds.--Under regulations 
                prescribed by the Secretary, any funds used by a 
                metropolitan city, nonentitlement unit of local 
                government, or county in accordance with subparagraph 
                (A) that are returned to the metropolitan city, 
                nonentitlement unit of local government, or county, 
                including from loan repayment, shall be used to finance 
                affordable housing, including `qualified low-income 
                housing projects' within the meaning of section 42(g) 
                of the Internal Revenue Code of 1986.''.
    (b) Technical Amendments.--Sections 602(c)(3) and 603(c)(3) of 
title VI of the Social Security Act (42 U.S.C. 802(c)(3), 803(c)(3)) 
are each amended by striking ``paragraph (17) of''.
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