What is the official ID of this bill?
The official print number for this legislation is S 1377.
Increased Tax Credits for Accessible Low-Income Housing for Seniors and Disabled
This Act significantly increases federal Low-Income Housing Tax Credits (LIHTC) to boost the supply of affordable housing specifically designed for people with disabilities and older adults. It introduces a basis boost for projects where at least 50% of units are designated as accessible and are located in walkable neighborhoods. Furthermore, the law mandates states to allocate a specific percentage of funds to disability-focused projects and establishes resource centers to support developers.
Key points
Funding Increase: Federal LIHTC allocations are increased by over 150% (from $1.75 to $4.47 per capita), aiming to create a larger supply of affordable housing units.
Accessibility Priority: Projects where 50% or more of the units are designated for people with disabilities and are located in highly walkable areas will have their eligible basis increased to 130 percent.
Developer Support: State Resource Centers will be established to provide technical assistance, prioritizing nonprofit developers, first-time developers, and those serving communities with a history of housing discrimination.
State Requirement: States must ensure that at least 40% of LIHTC allocations over any three-year period go to projects designated to serve households with people with disabilities.
Status:
Expired
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