US SB1956 | 2019-2020 | 116th Congress
Status
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: Introduced on June 25 2019 - 25% progression, died in committee
Action: 2019-06-25 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 25 2019 - 25% progression, died in committee
Action: 2019-06-25 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code, with respect to the low-income housing tax credit, to repeal the qualified contract option for a building that received its allocation of housing credit dollar amount before January 1, 2019, or received before that date, a determination from the bond issuer or housing credit agency of its eligibility to receive an allocation of a housing credit dollar amount. Under current law, properties subject to the low-income housing tax credit are subject to a 30-year affordability period, during which the value of properties is set at a below market rate. The qualified contract option allows property owners, in some cases, to convert to market rate after 15 years.
Title
Save Affordable Housing Act of 2019
Sponsors
Sen. Ron Wyden [D-OR] | Sen. Todd Young [R-IN] | Sen. Benjamin Cardin [D-MD] | Sen. Sherrod Brown [D-OH] |
Sen. Michael Bennet [D-CO] | Sen. Maria Cantwell [D-WA] | Sen. Margaret Hassan [D-NH] |
History
Date | Chamber | Action |
---|---|---|
2019-06-25 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3479 (Same As) 2019-06-25 - Referred to the House Committee on Ways and Means.
SB4078 (Related) 2020-06-25 - Read twice and referred to the Committee on Finance.
SB4078 (Related) 2020-06-25 - Read twice and referred to the Committee on Finance.
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1956/all-info |
Text | https://www.congress.gov/116/bills/s1956/BILLS-116s1956is.pdf |