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S. 2962 (114th): Affordable Housing Credit Improvement Act of 2016

We don’t have a summary available yet.

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 19, 2016.


Affordable Housing Credit Improvement Act of 2016

This bill amends the Internal Revenue Code, with respect to the low-income housing tax credit, to: (1) expand the credit by increasing the state housing credit ceiling, (2) modify the cost-of-living adjustment required for the state housing credit ceiling, (3) establish a new average income test which may be used to determine if a low-income housing project qualifies for the credit, and (4) establish a minimum credit rate of 4% for certain new or existing buildings.