Emergency East Chicago Housing Relief Act of 2016

This bill provides an additional allocation of low-income housing tax credits for Indiana by increasing the state housing credit ceiling in 2017 and 2018.

The bill requires the state housing credit ceiling for Indiana to be increased for 2017 and 2018 by the lesser of: (1) the aggregate housing credit dollar amount allocated for such calendar year by the state housing credit agency of Indiana to buildings located in Lake County, Indiana; or (2) the additional allocation amount calculated by multiplying $18 by the population of Lake County, Indiana.

In the case of 2018, the additional allocation amount taken into account must be reduced by the amount of the increase in the state housing credit ceiling for 2017 that is required by this bill.