Sec. 135503. Buildings designated to serve extremely low-income households
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/bill/117/hr/5376/rh/section-135503·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 42(h) is amended— by redesignating paragraphs (6), (7), and
(8)as paragraphs (7), (8), and (9), respectively, and by inserting after paragraph
(5)the following new paragraph: Not more than 90 percent of the portion of the State housing credit ceiling amount described in paragraph (3)(C)(ii) for any State for any calendar year shall be allocated to buildings other than buildings described in subparagraph (B). A building is described in this subparagraph if 20 percent or more of the residential units in such building are rent-restricted (determined as if the imputed income limitation applicable to such units were 30 percent of area median gross income) and are designated by the taxpayer for occupancy by households the aggregate household income of which does not exceed the greater of— 30 percent of area median gross income, or 100 percent of an amount equal to the Federal poverty line (within the meaning of section 36B(d)(3)). Nothing in subparagraph
(F)of paragraph
(3)shall be construed to permit a State not to comply with subparagraph
(A)of this paragraph. This paragraph shall not apply to allocations after December 31, 2031. . Section 42(b)(4)(C) is amended by striking (h)(7) and inserting (h)(8) . Paragraph
(5)of section 42(d) is amended by adding at the end the following new subparagraph: In the case of any building— which is described in subsection (h)(6)(B), and which is designated by the housing credit agency as requiring the increase in credit under this subparagraph in order for such building to be financially feasible as part of a qualified low-income housing project, subparagraph
(B)shall not apply to the portion of such building which is comprised of such units, and the eligible basis of such portion of the building shall be 150 percent of such basis determined without regard to this subparagraph.
(i)applies For any calendar year, the housing credit agency shall not allocate more than 15 percent of the portion of the State housing credit ceiling amount described in subsection (h)(3)(C)(ii) to buildings to which clause
(i)applies, and In the case of projects financed by tax-exempt bonds as described in subsection (h)(4), for any calendar year, the State shall not issue more than 10 percent of the private activity bond volume cap as described in section 146(d)(1) to buildings to which clause
(i)applies. This subparagraph shall not apply to allocations after December 31, 2031. . The amendments made by this section shall apply to allocations, and determinations, of housing credit dollar amount after December 31, 2021.