H.R. 3719
Referred to CommitteeSave Affordable Housing Act of 2023
Latest Action
Referred to the House Committee on Ways and Means.
5/25/2023 • House
Summary
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.
Introduced in House • 5/25/2023
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Sponsor & Cosponsors (2)
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Sponsor
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Bill Journey
Originated in the House
Introduced
May 25, 2023
Referred to the House Committee on Ways and Means.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law