Affordable Housing Credit Improvement Act of 2016

Summary

Affordable Housing Credit Improvement Act of 2016 This bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit "the affordable housing credit" and make several modifications to the credit. The bill increases state allocations for the credit and modifies the cost-of-living adjustments. It also revises tenant eligibility requirements, with respect to: the average income test, income eligibility for rural projects, increased tenant income, student occupancy rules, and tenant voucher payments that are taken into account as rent. The bill revises various requirements to: establish a 4% minimum credit rate for certain projects, permit relocation costs to be taken into account as rehabilitation expenditures, repeal the qualified census tract population cap, require state housing credit agencies to make certain determinations regarding community revitalization plans, prohibit local approval and contribution requirements, increase the credit for certain projects designated to serve extremely low-income households, increase the credit for certain bond-financed projects designated by state agencies, and eliminate the basis reduction for low-income housing properties that receive certain energy-related tax credits and deductions. The bill also modifies requirements regarding the reconstruction or replacement period after a casualty loss, rights related to building purchases, the prohibition on claiming acquisition credits for properties placed in service in the previous 10 years, and projects that assist Native Americans.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 July 2016

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 July 2016

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• Introduced in Senate

  summary · EN · 14 July 2016

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