H. R. 3479
IN THE HOUSE OF REPRESENTATIVES
June 25, 2019
Mr. Neguse (for himself, Mr. Beyer, and Mrs. Walorski) introduced the following bill; which was referred to the Committee on Ways and Means
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.
This Act may be cited as the
Save Affordable Housing Act of 2019.
Repeal of qualified contract option
Termination of option for certain buildings
Subclause (II) of section 42(h)(6)(E)(i) of the Internal Revenue Code of 1986 is amended by inserting
in the case of a building described in clause (iii), before
on the last day.
Subparagraph (E) of section 42(h)(6) of such Code is amended by adding at the end the following new clause:
A building described in this clause is a building—
which received its allocation of housing credit dollar amount before January 1, 2019, or
in the case of a building any portion of which is financed as described in paragraph (4), which received before January 1, 2019, a determination from the issuer of the tax-exempt bonds or the housing credit agency that the building is eligible to receive an allocation of housing credit dollar amount under the rules of paragraphs (1) and (2) of subsection (m).
Rules relating to existing projects
Subparagraph (F) of section 42(h)(6) of the Internal Revenue Code of 1986 is amended by striking
the nonlow-income portion and all that follows and inserting
the nonlow-income portion and the low-income portion of the building for fair market value (determined by the housing credit agency by taking into account the rent restrictions required for the low-income portion of the building to continue to meet the standards of paragraphs (1) and (2) of subsection (g)). The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out this paragraph..
Paragraph (6) of section 42(h) of the Internal Revenue Code of 1986 is amended by striking subparagraph (G) and by redesignating subparagraphs (H), (I), (J), and (K) as subparagraphs (G), (H), (I), and (J), respectively.
Subclause (II) of section 42(h)(6)(E)(i) of such Code, as amended by subsection (a), is further amended by striking
subparagraph (I) and inserting
Subparagraph (I) of section 42(h)(6) of the Internal Revenue Code of 1986, as redesignated by subsection (c), is amended by striking
agreement and inserting
The amendments made by this section shall apply to buildings with respect to which a written request described in section 42(h)(6)(H) of the Internal Revenue Code of 1986 is submitted after the date of the enactment of this Act.