Save Affordable Housing Act of 2023
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 25, 2023)
Save Affordable Housing Act of 2023
This bill revises the low-income housing tax credit to repeal the qualified contract option for a building that received its allocation of housing credit dollar amount before January 1, 2023, or received before that date, a determination from the bond issuer or housing credit agency of its eligibility to receive an allocation of a housing credit dollar amount.
Under current law, properties eligible for the low-income housing tax credit are subject to a 30-year affordability period, during which the value of properties is set at a below market rate. The qualified contract option allows property owners, in some cases, to convert to market rate after 15 years.
What just happenedMay 25, 2023
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseMay 25, 2023
- May 25, 2023IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - May 25, 2023IntroReferralIntro-H
Introduced in House
- May 25, 2023IntroReferral1000
Introduced in House