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More Housing for Extremely Low-Income Households Through Tax Credits

This bill aims to make it easier to build or renovate housing for people with very low incomes. It changes the tax credit system for developers, setting aside a portion of funds specifically for projects serving extremely low-income households and increasing the credit amount for such investments. This is intended to encourage the creation of more affordable housing options for those who need them most.
Key points
A portion of state housing tax credits will be required to be set aside for projects serving extremely low-income households (below 30% of area median income or 100% of the federal poverty line).
Housing projects for the lowest-income individuals may receive a higher tax credit amount to help make them financially viable.
These changes are set to apply from 2022 through the end of 2031.
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Additional Information
Affordable Housing Equity Act of 2021
Print number: HR 5219
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2021-09-10