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Main Subject: Taxation

Emergency Affordable Housing Act of 2020

This bill enhances provisions of the low-income housing tax credit and adjusts the credit to provide assistance during the COVID-19 (i.e., coronavirus disease 2019) pandemic.

Specifically, the bill

increases to three years (currently, two years) following an allocation of housing credits, the period for making rehabilitation expenditures for a low-income housing tax credit project;
extends to three years the period during which a project may be placed in service and remain eligible for the credit;
reduces for a two-year period the financing percentage for an affordable housing project from 50% to 25%;
establishes a 4% minimum credit rate for affordable housing projects that received a housing credit allocation after 2019;
makes permanent the expansion of the 9% housing tax credit;
increases the credit for low-income housing tax credit buildings that designate at least 20% of their occupied units for extremely low-income households;
increases the credit during a specified temporary period to compensate for construction or leasing delays due to the COVID-19 pandemic; and
allows a credit for low-income housing supportive services.

HR2-116, HR3479-116, S1956-116, HR7351-116,

Categories

Building construction Cardiovascular and respiratory health Economic development Emergency medical services and trauma care Employment and training programs Income tax credits Income tax exclusion Indian social and development programs Infectious and parasitic diseases Inflation and prices Landlord and tenant Low- and moderate-income housing Mental health Residential rehabilitation and home repair Rural conditions and development Securities State and local finance State and local government operations Taxation

Senate Actions

IntroReferral
Jun. 25 2020	Read twice and referred to the Committee on Finance.

Library of Congress Actions

IntroReferral
Jun. 25 2020	Introduced in Senate

Senate bill S4078-116

Emergency Affordable Housing Act of 2020

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