S 1557
Affordable Housing Credit Improvement Act of 2023
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- Passed Senate
- Passed House
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- Became Law
Bill overview
The Affordable Housing Credit Improvement Act of 2023 aims to strengthen the Low-Income Housing Tax Credit (LIHTC) by increasing funding levels, modifying eligibility requirements, and streamlining development processes. Specifically, the bill boosts the per capita and minimum credit amounts, adjusts tenant income criteria, simplifies student occupancy rules, and prohibits local government requirements for housing projects. It also expands the definition of ‘difficult development areas’ to include more locations facing high construction costs and increases credit amounts for certain projects, such as those serving extremely low-income households and those financed with bonds.
Sponsors
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Primary sponsor
Cosponsors
Angus S., Jr. King
Benjamin L. Cardin
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