S. 4078 · 116th Congress
Emergency Affordable Housing Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsor5 cosponsors · 5 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Jun 25, 2020
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Emergency Affordable Housing Act of 2020
Latest action (Jun 25, 2020): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jun 25, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.