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Affordable Housing Credit Improvement Act of 2023

USA118th CongressS-1557| Senate 
| Updated: 4/16/2024
Maria Cantwell

Maria Cantwell

Democratic Senator

Washington

Cosponsors (34)
Bill Cassidy (Republican)Roger Marshall (Republican)Margaret Wood Hassan (Democratic)Dan Sullivan (Republican)Katie Boyd Britt (Republican)Catherine Cortez Masto (Democratic)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Jerry Moran (Republican)Alex Padilla (Democratic)Marsha Blackburn (Republican)Todd Young (Republican)Thomas R. Carper (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Laphonza R. Butler (Democratic)Roger F. Wicker (Republican)John Boozman (Republican)Robert P. Casey (Democratic)Sheldon Whitehouse (Democratic)Mike Rounds (Republican)Kevin Cramer (Republican)Debbie Stabenow (Democratic)Martin Heinrich (Democratic)Michael F. Bennet (Democratic)Sherrod Brown (Democratic)Benjamin L. Cardin (Democratic)Robert Menendez (Democratic)Susan M. Collins (Republican)Ron Wyden (Democratic)Mark Kelly (Democratic)Ted Budd (Republican)Lisa Murkowski (Republican)Shelley Moore Capito (Republican)

Finance Committee, Housing, Transportation, and Community Development Subcommittee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Affordable Housing Credit Improvement Act of 2023 This bill revises provisions of the low-income housing tax credit and renames it as the affordable housing tax credit . The bill increases the per capita dollar amount of the credit and its minimum ceiling amount beginning in 2023 and extends the inflation adjustment for such amounts. The bill modifies tenant income eligibility requirements and the average income formula for determining such income. It also revises rules for student occupancy of rental units and tenant voucher payments, and prohibits any refusal to rent to victims of domestic abuse. The bill further modifies the credit to increase state allocations of the credit; repeal the qualified census tract population cap; prohibit consideration of local approval and local government contribution requirements for housing projects; increase the credit for certain projects designated to serve extremely low-income households; increase the credit for certain bond-financed projects designated by state agencies; eliminate the basis reduction for properties that receive certain energy-related tax benefits; and increase the population cap for difficult development areas (i.e., areas with high construction, land, and utility costs relative to area median gross income). The bill also includes Indian and rural areas as difficult development areas and modifies other requirements relating to casualty losses, tax-exempt bond financing, and foreclosures.
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Timeline

Bill from Previous Congress

S 116-1703
Affordable Housing Credit Improvement Act of 2019

Bill from Previous Congress

S 117-1136
Affordable Housing Credit Improvement Act of 2021
May 11, 2023

Latest Companion Bill Action

HR 118-3238
Introduced in House
May 11, 2023
Introduced in Senate
May 11, 2023
Read twice and referred to the Committee on Finance.
Mar 12, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Apr 16, 2024
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.
  • Bill from Previous Congress

    S 116-1703
    Affordable Housing Credit Improvement Act of 2019


  • Bill from Previous Congress

    S 117-1136
    Affordable Housing Credit Improvement Act of 2021


  • May 11, 2023

    Latest Companion Bill Action

    HR 118-3238
    Introduced in House


  • May 11, 2023
    Introduced in Senate


  • May 11, 2023
    Read twice and referred to the Committee on Finance.


  • March 12, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • April 16, 2024
    Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.

Taxation

Related Bills

  • HR 118-10009: Revitalizing America’s Housing Act
  • HR 118-3238: Affordable Housing Credit Improvement Act of 2023
Assault and harassment offensesBusiness investment and capitalCensus and government statisticsCrime victimsDisability and paralysisDomestic violence and child abuseEnergy efficiency and conservationHigher educationHousing and community development fundingHousing supply and affordabilityHuman traffickingIncome tax creditsIncome tax deductionsIncome tax exclusionIndian social and development programsInflation and pricesLandlord and tenantLighting, heating, coolingLow- and moderate-income housingMarriage and family statusResidential rehabilitation and home repairRural conditions and developmentSecuritiesSex offensesState and local financeState and local government operationsVeterans' loans, housing, homeless programs

Affordable Housing Credit Improvement Act of 2023

USA118th CongressS-1557| Senate 
| Updated: 4/16/2024
Affordable Housing Credit Improvement Act of 2023 This bill revises provisions of the low-income housing tax credit and renames it as the affordable housing tax credit . The bill increases the per capita dollar amount of the credit and its minimum ceiling amount beginning in 2023 and extends the inflation adjustment for such amounts. The bill modifies tenant income eligibility requirements and the average income formula for determining such income. It also revises rules for student occupancy of rental units and tenant voucher payments, and prohibits any refusal to rent to victims of domestic abuse. The bill further modifies the credit to increase state allocations of the credit; repeal the qualified census tract population cap; prohibit consideration of local approval and local government contribution requirements for housing projects; increase the credit for certain projects designated to serve extremely low-income households; increase the credit for certain bond-financed projects designated by state agencies; eliminate the basis reduction for properties that receive certain energy-related tax benefits; and increase the population cap for difficult development areas (i.e., areas with high construction, land, and utility costs relative to area median gross income). The bill also includes Indian and rural areas as difficult development areas and modifies other requirements relating to casualty losses, tax-exempt bond financing, and foreclosures.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-1703
Affordable Housing Credit Improvement Act of 2019

Bill from Previous Congress

S 117-1136
Affordable Housing Credit Improvement Act of 2021
May 11, 2023

Latest Companion Bill Action

HR 118-3238
Introduced in House
May 11, 2023
Introduced in Senate
May 11, 2023
Read twice and referred to the Committee on Finance.
Mar 12, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Apr 16, 2024
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.
  • Bill from Previous Congress

    S 116-1703
    Affordable Housing Credit Improvement Act of 2019


  • Bill from Previous Congress

    S 117-1136
    Affordable Housing Credit Improvement Act of 2021


  • May 11, 2023

    Latest Companion Bill Action

    HR 118-3238
    Introduced in House


  • May 11, 2023
    Introduced in Senate


  • May 11, 2023
    Read twice and referred to the Committee on Finance.


  • March 12, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • April 16, 2024
    Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.
Maria Cantwell

Maria Cantwell

Democratic Senator

Washington

Cosponsors (34)
Bill Cassidy (Republican)Roger Marshall (Republican)Margaret Wood Hassan (Democratic)Dan Sullivan (Republican)Katie Boyd Britt (Republican)Catherine Cortez Masto (Democratic)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Jerry Moran (Republican)Alex Padilla (Democratic)Marsha Blackburn (Republican)Todd Young (Republican)Thomas R. Carper (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Laphonza R. Butler (Democratic)Roger F. Wicker (Republican)John Boozman (Republican)Robert P. Casey (Democratic)Sheldon Whitehouse (Democratic)Mike Rounds (Republican)Kevin Cramer (Republican)Debbie Stabenow (Democratic)Martin Heinrich (Democratic)Michael F. Bennet (Democratic)Sherrod Brown (Democratic)Benjamin L. Cardin (Democratic)Robert Menendez (Democratic)Susan M. Collins (Republican)Ron Wyden (Democratic)Mark Kelly (Democratic)Ted Budd (Republican)Lisa Murkowski (Republican)Shelley Moore Capito (Republican)

Finance Committee, Housing, Transportation, and Community Development Subcommittee, Banking, Housing, and Urban Affairs Committee

Taxation

Related Bills

  • HR 118-10009: Revitalizing America’s Housing Act
  • HR 118-3238: Affordable Housing Credit Improvement Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Assault and harassment offensesBusiness investment and capitalCensus and government statisticsCrime victimsDisability and paralysisDomestic violence and child abuseEnergy efficiency and conservationHigher educationHousing and community development fundingHousing supply and affordabilityHuman traffickingIncome tax creditsIncome tax deductionsIncome tax exclusionIndian social and development programsInflation and pricesLandlord and tenantLighting, heating, coolingLow- and moderate-income housingMarriage and family statusResidential rehabilitation and home repairRural conditions and developmentSecuritiesSex offensesState and local financeState and local government operationsVeterans' loans, housing, homeless programs