117 S4737 IS: Housing Market Transparency Act U.S. Senate 2022-08-02 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.

II117th CONGRESS2d SessionS. 4737IN THE SENATE OF THE UNITED STATESAugust 2, 2022Mr. Warnock introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo require the Secretary of Housing and Urban Development to collect and make publicly available data on properties receiving an allocation of credit under the low-income housing tax credit, and for other purposes.

1.

Short title

This Act may be cited as the Housing Market Transparency Act.

2.

HUD reporting and transparency on low-income housing tax credit projects

(a)

Definitions

In this section:(1)

Covered property

The term covered property means a building receiving an allocation of credit under section 42 of the Internal Revenue Code of 1986.(2)

Secretary

The term Secretary means the Secretary of Housing and Urban Development.(b)

Collection of information

(1)

In general

The Secretary shall regularly collect and maintain data on covered properties, including—(A)development costs, including general contractor costs;(B)ownership data;(C)whether the owner is a pass-through entity;(D)the most recent habitability standards; (E)in the case of disposition of a covered property, the reason for the disposition, such as sale, foreclosure, or destruction; (F)the expiration date of affordable use provisions;(G)whether the owner has waived the right to a qualified contract;(H)the most recent inspection and habitability information; and(I)any other data determined relevant by the Secretary.(2)

Provision of data

Each State agency administering credits under section 42 of the Internal Revenue Code of 1946 for covered properties shall, not later than 18 months after the date on which each such covered property is placed in service and annually thereafter, submit to the Secretary the data required to be collected under paragraph (1) with respect to those covered properties.(3)

Standards and definitions

The Secretary shall—(A)establish standards and definitions for the data collected under paragraph (1);(B)provide States with technical assistance to establish systems to compile and submit data to the Secretary under paragraph (2); and(C)in coordination with other Federal agencies administering housing assistance programs, establish procedures to minimize duplicative reporting requirements for covered properties assisted under multiple housing programs.(4)

Reporting

The Secretary shall—(A)not less frequently than annually, compile and make publicly available the data collected under paragraph (1), other than the date described in subparagraph (A) of that paragraph; and(B)periodically assess and issue a public report on covered properties and the general multifamily housing development market.(5)

Properties no longer in compliance

With respect to a covered property that will no longer be eligible for an allocation of credit under section 42 of the Internal Revenue Code of 1986 before the end of a given year, the Secretary shall collect data under paragraph (1) on the final owner or purchaser of the covered property, including whether the purchaser is a nonprofit entity.