Promoting Submetering for Affordable Housing Act

This bill proposes an amendment to the Internal Revenue Code of 1986, aiming to enhance the low-income housing tax credit for specific projects. The primary goal is to incentivize the adoption of water submetering in affordable housing developments. Specifically, the bill increases the eligible basis of a qualifying building by 5%, making the credit more valuable. To be eligible for this increased credit, a building must meet several criteria: it must contain four or more units , utilize water submeters for separate billing of each unit, and ensure tenants can access and read their submeters within 72 hours of a request, even in landlord-controlled areas. This provision applies to buildings receiving housing credit allocations or financed by tax-exempt obligations after the bill's enactment, encouraging water conservation and fair billing practices in affordable housing.