Affordable Housing Equity Act of 2023

Hozzl · 2023-12-15T15:53:45Z

Explore the details of House Bill 418 Affordable Housing Equity Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:53 PM

Summary of Bill HR 418

The Affordable Housing Equity Act of 2023, also known as Bill 118 hr 418, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of affordable housing in the United States by providing funding and resources to increase the availability of affordable housing options for low and moderate-income individuals and families.

One of the key provisions of the Affordable Housing Equity Act is the establishment of a new grant program that would provide funding to states and local governments to develop and preserve affordable housing units. This program aims to incentivize the construction of new affordable housing units and the rehabilitation of existing units to ensure that there are enough affordable housing options available to meet the needs of low-income individuals and families.

Additionally, the bill includes provisions to increase funding for the Low-Income Housing Tax Credit program, which provides tax incentives to developers to build affordable housing units. By increasing funding for this program, the Affordable Housing Equity Act aims to encourage more developers to invest in affordable housing projects and increase the overall supply of affordable housing in the United States. Overall, the Affordable Housing Equity Act of 2023 is a comprehensive piece of legislation that seeks to address the issue of affordable housing in the United States by providing funding and resources to increase the availability of affordable housing options for low and moderate-income individuals and families. If passed, this bill has the potential to make a significant impact on the affordable housing crisis in the United States and improve the quality of life for millions of Americans.

Congressional Summary of HR 418

Affordable Housing Equity Act of 2023

This bill requires allocations through 2033 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.

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Current Status of Bill HR 418

Bill HR 418 is currently in the status of Bill Introduced since January 20, 2023. Bill HR 418 was introduced during Congress 118 and was introduced to the House on January 20, 2023. Bill HR 418's most recent activity was Referred to the House Committee on Ways and Means. as of January 20, 2023

Bipartisan Support of Bill HR 418

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 418

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 418

Affordable Housing Equity Act of 2023

To 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.