Improving Housing Access: New Rules and Tax Credits
This act aims to increase affordable housing availability for low-income individuals by modifying the housing tax credit program. It introduces new tenant eligibility rules, boosts state allocations for housing construction, and simplifies project financing in challenging areas, including Native American and rural regions. The changes are designed to foster more stable and secure living conditions for those in need.
Key points
More Housing Funds: Increased tax credit amounts available to states to support the construction and renovation of low-income housing.
Easier Access for Those in Need: Simplified tenant eligibility rules, including for victims of domestic abuse, veterans, and individuals with disabilities, and consideration of housing voucher payments as rent.
Support for Rural and Native American Areas: Facilitation of tax credit acquisition for housing construction in difficult development areas, including Native American and rural regions.
Tenant Protection: Introduction of provisions protecting domestic violence victims from eviction due to perpetrator's actions and facilitating housing reconstruction after natural disasters.
Increased Transparency and Cost Oversight: Requirement to assess the reasonableness of housing project development costs and incentives to remove zoning barriers that hinder affordable housing construction.
Introduced
Citizen Poll