ASAP Housing Act

Taxation

house

senate

president

Introduced on September 25, 2024 by Ritchie Torres

Legislation Details

Amends the Internal Revenue Code of 1986 to create an exception to the volume cap for certain bonds.
Targets financing for the preservation, improvement, or development of affordable rental housing buildings.
Specifies that the bonds must finance buildings where 100% of units are affordable for low-income households.
The bonds must be issued during the calendar years 2025 through 2034.
Includes a coordination provision with the Low-Income Housing Credit.
The amendments will apply to bonds issued after December 31, 2024.

Last updated 12/19/2024

Amends the Internal Revenue Code of 1986 to create an exception to the volume cap for certain bonds.
Targets financing for the preservation, improvement, or development of affordable rental housing buildings.
Specifies that the bonds must finance buildings where 100% of units are affordable for low-income households.
The bonds must be issued during the calendar years 2025 through 2034.
Includes a coordination provision with the Low-Income Housing Credit.
The amendments will apply to bonds issued after December 31, 2024.