Revises federal tax rules for the housing tax credit program and related bond rules to strengthen affordable housing production, clarify tenant eligibility, and improve targeting to tribal and rural areas. It updates allocation formulas and inflation adjustments, creates new tests and protections for tenant income and voucher use, adjusts rehabilitation and acquisition rules for credits, limits repeated refundings for certain exempt facility bonds, and renames the program language from “low‑income” to “affordable.”

Implements phased effective dates (many changes apply for calendar years after Dec 31, 2024, and several allocation/placement‑in‑service rules apply after Dec 31, 2025), adds selection criteria for state allocation plans (including tribal needs), and calls for greater data sharing and incentives to reform local land‑use rules to encourage more housing supply.