Affordable Housing Equity Act of 2021

12/31/2022, 8:59 AM

Affordable Housing Equity Act of 2021

This bill requires allocations through 2031 of low-income housing credit amounts for buildings designated to serve certain low-income households (i.e., aggregate household income does not exceed the greater of 30% of area median gross income, or 100% of an amount equal to the federal poverty line). The bill also increases the rate of the low-income housing credit for projects designated to serve such low-income households.

The Affordable Housing Equity Act of 2021, also known as Bill 117 hr 5219, is a piece of legislation introduced in the US Congress with the aim of addressing the issue of affordable housing in the country. The bill seeks to provide funding and support for the development and preservation of affordable housing units, particularly in low-income and underserved communities.

One of the key provisions of the bill is the establishment of a new tax credit program that would incentivize private investment in affordable housing projects. This program would provide tax credits to investors who contribute to the development or preservation of affordable housing units, helping to increase the supply of affordable housing across the country.

Additionally, the bill includes measures to streamline the process for obtaining funding for affordable housing projects, making it easier for developers to access the resources they need to create affordable housing units. The bill also includes provisions to ensure that affordable housing projects are built in a way that is environmentally sustainable and energy-efficient. Overall, the Affordable Housing Equity Act of 2021 aims to address the growing need for affordable housing in the United States by providing funding and support for the development and preservation of affordable housing units. By incentivizing private investment and streamlining the funding process, the bill seeks to increase the supply of affordable housing and improve access to safe and affordable housing for low-income and underserved communities.
Congress
117
Number
HR - 5219
Introduced on
2021-09-10
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

9/10/2021
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Affordable Housing Equity Act of 2021

This bill requires allocations through 2031 of low-income housing credit amounts for buildings designated to serve certain low-income households (i.e., aggregate household income does not exceed the greater of 30% of area median gross income, or 100% of an amount equal to the federal poverty line). The bill also increases the rate of the low-income housing credit for projects designated to serve such low-income households.

The Affordable Housing Equity Act of 2021, also known as Bill 117 hr 5219, is a piece of legislation introduced in the US Congress with the aim of addressing the issue of affordable housing in the country. The bill seeks to provide funding and support for the development and preservation of affordable housing units, particularly in low-income and underserved communities.

One of the key provisions of the bill is the establishment of a new tax credit program that would incentivize private investment in affordable housing projects. This program would provide tax credits to investors who contribute to the development or preservation of affordable housing units, helping to increase the supply of affordable housing across the country.

Additionally, the bill includes measures to streamline the process for obtaining funding for affordable housing projects, making it easier for developers to access the resources they need to create affordable housing units. The bill also includes provisions to ensure that affordable housing projects are built in a way that is environmentally sustainable and energy-efficient. Overall, the Affordable Housing Equity Act of 2021 aims to address the growing need for affordable housing in the United States by providing funding and support for the development and preservation of affordable housing units. By incentivizing private investment and streamlining the funding process, the bill seeks to increase the supply of affordable housing and improve access to safe and affordable housing for low-income and underserved communities.
Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to designate projects serving extremely low-income households for purposes of allocating the State housing credit ceiling and determining an increased amount of low-income housing tax credit.
Policy Areas
Taxation

Comments

Related

Committee:  Ways and Means
Bill Update Alert:  Inflation Reduction Act of 2022

Recent Activity

Latest Summary9/28/2021

Affordable Housing Equity Act of 2021

This bill requires allocations through 2031 of low-income housing credit amounts for buildings designated to serve certain low-income households (i.e., aggregate household income does ...

Latest Action9/10/2021
Referred to the House Committee on Ways and Means.