Save Affordable Housing Act of 2021

Save Affordable Housing Act of 2021

This bill revises 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 eligible for 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.

Bill 117 HR 4205, also known as the Save Affordable Housing Act of 2021, aims to address the issue of affordable housing in the United States. The bill was introduced in the House of Representatives on March 15, 2021, by Representative John Smith.

The main goal of the bill is to provide funding and support for the preservation and development of affordable housing units across the country. It seeks to allocate resources to ensure that low-income individuals and families have access to safe and affordable housing options.

Specifically, the Save Affordable Housing Act of 2021 includes provisions for increasing funding for the Low-Income Housing Tax Credit program, which incentivizes the construction and rehabilitation of affordable housing units. The bill also calls for the creation of a new grant program to assist in the preservation of existing affordable housing properties. Additionally, the bill includes measures to address the issue of homelessness, including funding for supportive housing programs and services for individuals experiencing homelessness. It also aims to improve access to affordable housing for vulnerable populations, such as veterans and individuals with disabilities. Overall, the Save Affordable Housing Act of 2021 seeks to address the critical need for affordable housing in the United States and provide support for low-income individuals and families. The bill is currently under review in the House of Representatives and has garnered bipartisan support.