H.R. 1661 · 115th Congress
Affordable Housing Credit Improvement Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
182 cosponsors · 99 D, 83 R
17 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Mar 21, 2017
Affordable Housing Credit Improvement Act of 2017
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 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 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,
- increase the population cap for difficult development areas, and
- eliminate the basis reduction for a property that receives the tax credit for investments in energy property if the affordable housing credit is allowed for the property.
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, foreclosures, and projects that assist Native Americans.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Housing Credit Improvement Act of 2017
Latest action (Jan 16, 2018): ASSUMING FIRST SPONSORSHIP - Mr. Curbelo asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1661, a bill originally introduced by Representative Tiberi, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
Policy area: Taxation · Origin: House · Introduced: Mar 21, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.