Affordable Housing Credit Improvement Act: Expanding Access and Funding for Housing.
This act aims to increase affordable housing availability for low-income individuals by reforming the low-income housing tax credit program. It introduces new tenant eligibility rules, increases state allocations for housing development, and facilitates project financing in challenging areas, including Native American and rural regions. The changes are designed to make it easier to build and maintain affordable housing, potentially impacting rental availability and costs for many families.
Key points
Increased funding for states: Higher tax credit amounts available for states to allocate to housing projects.
Easier access for low-income individuals: Modified tenant eligibility rules, including for students, domestic abuse victims, and veterans, making it easier for them to secure housing.
Support for rural and Native American areas: Facilitated access to tax credits for housing development in these regions.
Protection for domestic abuse victims: New provisions prohibiting refusal to lease or termination of lease solely due to domestic violence if the tenant is the victim.
Streamlined financing rules: Revisions to tax-exempt bond regulations to simplify housing project financing.
Expired
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