Combating the Housing Supply Shortage Act of 2024

Taxation

house

senate

president

Introduced on September 27, 2024 by Jasmine Crockett

Legislation Details

Amends the Internal Revenue Code of 1986 to allow reallocation of unused volume cap for private activity bonds.
Targets qualified residential rental projects.
Introduces a new subsection to Section 146 regarding the reallocation of volume cap for housing production.
Defines “supplemental residential rental limitation” based on a state’s housing need percentage of the national unused volume cap.
Establishes a formula for determining the housing need percentage based on multifamily housing bonds issued in the second preceding calendar year.
Allows states to allocate the supplemental residential rental limitation to issuing authorities.
Defines “national unused volume cap amount” and outlines how it is calculated.
Requires states to report information to the Secretary to facilitate the implementation of the reallocation.
Imposes penalties on states that fail to provide required information, potentially reducing their state ceiling for the following year.
Mandates annual publication of relevant data by the Secretary, including bond issuance and housing need statistics.
The provisions apply to bonds issued in calendar years following the enactment of the legislation.

Last updated 12/17/2024

Amends the Internal Revenue Code of 1986 to allow reallocation of unused volume cap for private activity bonds.
Targets qualified residential rental projects.
Introduces a new subsection to Section 146 regarding the reallocation of volume cap for housing production.
Defines “supplemental residential rental limitation” based on a state’s housing need percentage of the national unused volume cap.
Establishes a formula for determining the housing need percentage based on multifamily housing bonds issued in the second preceding calendar year.
Allows states to allocate the supplemental residential rental limitation to issuing authorities.
Defines “national unused volume cap amount” and outlines how it is calculated.
Requires states to report information to the Secretary to facilitate the implementation of the reallocation.
Imposes penalties on states that fail to provide required information, potentially reducing their state ceiling for the following year.
Mandates annual publication of relevant data by the Secretary, including bond issuance and housing need statistics.
The provisions apply to bonds issued in calendar years following the enactment of the legislation.