S. 4078

Referred to Committee

Emergency Affordable Housing Act of 2020

Introduced 6/25/2020•116th Congress•Senate

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Read twice and referred to the Committee on Finance.

6/25/2020 • Senate

Summary

Emergency Affordable Housing Act of 2020

This bill enhances provisions of the low-income housing tax credit and adjusts the credit to provide assistance during the COVID-19 (i.e., coronavirus disease 2019) pandemic.

Specifically, the bill

increases to three years (currently, two years) following an allocation of housing credits, the period for making rehabilitation expenditures for a low-income housing tax credit project;
extends to three years the period during which a project may be placed in service and remain eligible for the credit;
reduces for a two-year period the financing percentage for an affordable housing project from 50% to 25%;
establishes a 4% minimum credit rate for affordable housing projects that received a housing credit allocation after 2019;
makes permanent the expansion of the 9% housing tax credit;
increases the credit for low-income housing tax credit buildings that designate at least 20% of their occupied units for extremely low-income households;
increases the credit during a specified temporary period to compensate for construction or leasing delays due to the COVID-19 pandemic; and
allows a credit for low-income housing supportive services.

Introduced in Senate • 6/25/2020

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Topics & Subjects

Policy Area: Taxation

Building constructionCardiovascular and respiratory healthEconomic developmentEmergency medical services and trauma careEmployment and training programsIncome tax creditsIncome tax exclusionIndian social and development programsInfectious and parasitic diseasesInflation and pricesLandlord and tenantLow- and moderate-income housingMental healthResidential rehabilitation and home repairRural conditions and developmentSecuritiesState and local financeState and local government operations