I 
118TH CONGRESS 
2D SESSION 
H. R. 8900 
To amend the Internal Revenue Code of 1986 to allow taxpayers to extend 
the compliance period of the low-income housing credit to receive addi-
tional credits. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 28, 2024 
Mr. NICKEL introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to allow tax-
payers to extend the compliance period of the low-income 
housing credit to receive additional credits. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Keep Housing Afford-
able Act of 2024’’. 
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SEC. 2. ELECTION TO EXTEND COMPLIANCE PERIOD OF 
LOW-INCOME HOUSING CREDIT. 
(a) IN GENERAL.—Section 42(f) of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new paragraph: 
‘‘(6) ELECTION TO EXTEND COMPLIANCE PE-
RIOD.— 
‘‘(A) IN GENERAL.—A taxpayer may elect, 
in the first taxable year following the end of the 
compliance period with respect to a building, to 
apply subsection (i)(1) by— 
‘‘(i) substituting ‘50 taxable years be-
ginning with the 1st taxable year after an 
election is made with respect to such build-
ing under subsection (f)(6)(A)’ for ‘15 tax-
able years beginning with the 1st taxable 
year of the credit period’, or 
‘‘(ii) substituting ‘30 taxable years be-
ginning with the 1st taxable year after an 
election is made with respect to such build-
ing under subsection (f)(6)(A)’ for ‘15 tax-
able years beginning with the 1st taxable 
year of the credit period’. 
‘‘(B) CREDIT PERIOD AFTER ELECTION.— 
In the case of a building with respect to which 
an election is made under subparagraph (A), 
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the term ‘credit period’ shall include the 15- 
year period beginning on the first day of the 
first taxable year with respect to which such 
election is made. 
‘‘(C) LIMITATION.—A taxpayer may not 
make an election under subparagraph (A) with 
respect to a building with respect to which an 
election has been made under clause (ii) of such 
subparagraph in any preceding taxable year. 
‘‘(D) TREATED AS PLACED IN SERVICE.— 
For purposes of this section, a building with re-
spect to which a taxpayer makes an election 
under subparagraph (A) shall be treated as 
being placed in service on the date on which 
such election is made.’’. 
(b) INCLUSION IN SELECTION CRITERIA.—Section 
42(m)(1)(C) of such Code is amended by striking ‘‘and’’ 
at the end of clause (ix), by striking the period at the 
end of clause (x) and inserting ‘‘, and’’, and by adding 
at the end the following new clause: 
‘‘(xi) projects with respect to which an 
election has been made under subsection 
(f)(6)(A).’’. 
(c) EXCEPTION FROM PRIVATE ACTIVITY BONDS 
VOLUME CAP.—Section 146(g) of such Code is amended 
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by striking ‘‘and’’ at the end of paragraph (5), by striking 
the period at the end of paragraph (6), and by inserting 
after paragraph (6) the following new paragraph: 
‘‘(7) any bond used to refinance a qualified low- 
income building (as defined in section 42(c)) during 
the compliance period of such building if such com-
pliance period was extended at the election of the 
taxpayer under section 42(f)(6)(A).’’. 
(d) EFFECTIVE DATE.—The amendment made by 
this section shall apply to buildings placed in service after 
the date of the enactment of this Act. 
Æ 
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