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Save Affordable Housing Act of 2023
12/15/2023, 3:58 PM
Summary of Bill HR 3719
Bill 118 hr 3719, also known as the Save Affordable Housing Act of 2023, aims to address the issue of affordable housing in the United States. The bill focuses on preserving and expanding affordable housing options for low-income individuals and families.
One key aspect of the bill is the establishment of a national affordable housing trust fund, which would provide funding for the development and preservation of affordable housing units. This fund would be used to support the construction of new affordable housing units, as well as the rehabilitation of existing units to ensure they remain affordable for low-income individuals.
Additionally, the bill includes provisions to increase funding for rental assistance programs, such as the Section 8 Housing Choice Voucher program. This would help low-income individuals afford housing in the private market, where rents can often be prohibitively high. The Save Affordable Housing Act of 2023 also includes measures to address homelessness, such as funding for supportive housing programs and services for individuals experiencing homelessness. These programs would provide not only housing, but also access to mental health services, substance abuse treatment, and other supports to help individuals stabilize their housing situations. Overall, the bill aims to address the growing crisis of affordable housing in the United States by providing funding and support for the development and preservation of affordable housing units, as well as programs to assist low-income individuals and families in accessing and maintaining stable housing.
One key aspect of the bill is the establishment of a national affordable housing trust fund, which would provide funding for the development and preservation of affordable housing units. This fund would be used to support the construction of new affordable housing units, as well as the rehabilitation of existing units to ensure they remain affordable for low-income individuals.
Additionally, the bill includes provisions to increase funding for rental assistance programs, such as the Section 8 Housing Choice Voucher program. This would help low-income individuals afford housing in the private market, where rents can often be prohibitively high. The Save Affordable Housing Act of 2023 also includes measures to address homelessness, such as funding for supportive housing programs and services for individuals experiencing homelessness. These programs would provide not only housing, but also access to mental health services, substance abuse treatment, and other supports to help individuals stabilize their housing situations. Overall, the bill aims to address the growing crisis of affordable housing in the United States by providing funding and support for the development and preservation of affordable housing units, as well as programs to assist low-income individuals and families in accessing and maintaining stable housing.
Congressional Summary of HR 3719
Save Affordable Housing Act of 2023
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, 2023, 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.
Read the Full Bill
Current Status of Bill HR 3719
Bill HR 3719 is currently in the status of Bill Introduced since May 25, 2023. Bill HR 3719 was introduced during Congress 118 and was introduced to the House on May 25, 2023. Bill HR 3719's most recent activity was Referred to the House Committee on Ways and Means. as of May 25, 2023
Bipartisan Support of Bill HR 3719
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3719
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 3719
Save Affordable Housing Act of 2023
Save Affordable Housing Act of 2023
To amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes.
Comments
Sponsors and Cosponsors of HR 3719
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