Save Affordable Housing Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Save Affordable Housing Act of 2025, amends the Internal Revenue Code to eliminate a provision that allows developers to use a ‘qualified contract exception’ when applying for the low-income housing credit. Specifically, it changes the rules regarding buildings that received their housing credit allocation before January 1, 2025, and clarifies how existing projects should be treated, potentially impacting the availability of affordable housing credits.
Key provisions
- Repeals the qualified contract exception for the low-income housing credit.
- Modifies rules for buildings allocated housing credit before January 1, 2025.
- Requires fair market value determination for the non-low-income portion of buildings.
- Changes the language used in the Internal Revenue Code related to housing credit commitments.
- Redesignates and amends certain paragraphs within section 42(h) of the Internal Revenue Code.
Who is affected
- Developers of affordable housing projects
- Low-income housing credit investors
- Housing credit agencies
- Taxpayers
- Individuals seeking affordable housing
Notable changes
- Eliminates the ‘qualified contract exception’ for low-income housing credit applications.
- Changes the valuation method for non-low-income portions of projects.
Bill text
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1 on record
Primary sponsor
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