Save Affordable Housing Act of 2023

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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 May 2023

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• Introduced in House (PDF)

  Introduced in House · EN · 25 May 2023

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• Introduced in House

  summary · EN · 25 May 2023

  Open at official source

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