Promoting Submetering for Affordable Housing Act

This bill boosts the Low-Income Housing Tax Credit for affordable housing buildings that use water submeters. If a building has at least 4 units, bills each unit for its own water use, and lets tenants see their meter readings within 72 hours of asking (even if the meter is in a landlord-controlled area), the project gets a 5% increase in its eligible costs for the credit. In simple terms, qualifying projects get a slightly bigger tax credit to help pay for the housing.

The change applies to projects that receive new credit allocations after the law takes effect, including those using certain tax-exempt bonds.

• Who is affected: Owners/developers of affordable rental buildings with 4+ units; tenants who want access to their water-use info.
• What changes: Projects with water submetering and tenant access to readings get a 5% bump in the costs counted for the housing credit.
• When: Applies to projects receiving credit allocations (or certain bond financing counted) after the law is enacted.