Middle-Income Housing Tax Credit Act of 2018

Summary

Middle-Income Housing Tax Credit Act of 201 8 This bill amends the Internal Revenue Code to allow a tax credit for the development of housing for middle-income households. The credit is based on the existing low-income housing tax credit and applies to the development or rehabilitation of residential rental properties if: (1) 60% or more of the residential units in the project are both rent-restricted and occupied by individuals whose income is 100% or less of the area median gross income, and (2) the project is not federally subsidized or financed with a federally funded grant. The credits are allocated to each state based on population, and state housing agencies then distribute the credits to developers using a competitive process. The credits are paid over a 15-year credit period, and the amounts of the credits are based on a percentage of a project's qualified basis, which is the portion of the project dedicated to affordable middle-income housing. The credit dollar amount allocated to a project may not exceed the amount that is necessary for the financial feasibility of the project and its viability as a qualified middle-income housing project throughout the credit period. To qualify for the credit, the developer must make a long-term commitment to middle-income housing, under which the affordability restrictions for a property remain in place for at least an additional 15 years after the close of the credit period.

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Timeline

1. 22 August 2018

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 August 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 August 2018 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 August 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 August 2018

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 August 2018

  Open at official source

Sponsors

• Ron Wyden · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← Middle-Income Housing Tax Credit Act of 2016