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Tax relief for property sales dedicated to affordable and homeless housing.

This Act aims to increase the availability of affordable and homeless housing through tax incentives. Property owners who sell real estate to qualified operators for affordable housing development can avoid paying capital gains tax on the sale. This measure is designed to accelerate the conversion of land and buildings into affordable housing, directly impacting the housing situation for low-income individuals.
Key points
Capital Gains Tax Avoidance: Selling property for affordable housing or homeless shelters is treated as an 'involuntary conversion,' allowing sellers to defer or avoid capital gains tax.
30-Year Affordability Requirement: The property must be maintained as affordable housing (at least 75% of units for low-income families) or a homeless shelter for a minimum of 30 years.
Extended Reinvestment Period: Sellers are granted 3 years (instead of the standard 2) to reinvest the proceeds into a replacement property to fully benefit from the tax relief.
Federal Oversight: The Department of Housing and Urban Development (HUD) will monitor compliance every 5 years for 30 years to ensure the property meets the affordable housing requirements.
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Additional Information
Print number: 118_HR_5176
Sponsor: Rep. Schiff, Adam B. [D-CA-30]
Process start date: 2023-08-08
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Affordable and Homeless Housing Incentives Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5176.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-08-08.

What are the main provisions?

Key points include:

  • Capital Gains Tax Avoidance: Selling property for affordable housing or homeless shelters is treated as an 'involuntary conversion,' allowing sellers to defer or avoid capital gains tax.
  • 30-Year Affordability Requirement: The property must be maintained as affordable housing (at least 75% of units for low-income families) or a homeless shelter for a minimum of 30 years.
  • Extended Reinvestment Period: Sellers are granted 3 years (instead of the standard 2) to reinvest the proceeds into a replacement property to fully benefit from the tax relief.
  • Federal Oversight: The Department of Housing and Urban Development (HUD) will monitor compliance every 5 years for 30 years to ensure the property meets the affordable housing requirements.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schiff, Adam B. [D-CA-30].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Real Estate Benefits