Emergency Affordable Housing Act of 2020

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.

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Timeline

1. 25 June 2020

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 June 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 June 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 June 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 June 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 June 2020

  Open at official source

Sponsors

• Ron Wyden · D · Sponsor
• Maria Cantwell · D · Sponsor
• Michael Bennet · D · Sponsor
• Rep. Cardin, Benjamin L. [D-MD-3] · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Cosponsor
• Sen. Brown, Sherrod [D-OH] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Moving Forward Act
• related to → Save Affordable Housing Act of 2019
• related to → Save Affordable Housing Act of 2019
• related to ← Opportunity Starts At Home Act