This bill changes the Low-Income Housing Tax Credit rules to protect long-term affordable rents. It repeals the “qualified contract” option, which was an exception to extended affordability commitments, so owners can’t use that option to exit those commitments anymore. It also updates how properties are valued when owners make certain requests: housing agencies must set “fair market value” by taking rent limits into account so the homes can keep meeting affordability standards.

Key points:

• Who is affected: Residents and owners of tax-credit affordable housing, and state housing credit agencies.
• What changes: The qualified contract option is repealed; for existing projects, valuation must consider required rent limits when owners submit a qualifying written request .
• Which properties: Buildings that received their tax credit allocation before January 1, 2025, including certain tax‑exempt bond–financed buildings determined eligible for credits before that date.
• When: Most changes take effect on the date the law is enacted; the new valuation rule applies to written requests submitted after enactment.