S. 1956
Referred to CommitteeSave Affordable Housing Act of 2019
Latest Action
Read twice and referred to the Committee on Finance.
6/25/2019 • Senate
Summary
Save Affordable Housing Act of 2019
This bill amends the Internal Revenue Code, with respect to 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, 2019, 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 subject to 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.
Introduced in Senate • 6/25/2019
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Sponsor & Cosponsors (7)
Party Breakdown
Sponsor
Cosponsors (6)
Bill Journey
Originated in the Senate
Introduced
June 25, 2019
Read twice and referred to the Committee on Finance.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law