I 
117TH CONGRESS 
1ST SESSION H. R. 5219 
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. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 10, 2021 
Mr. GOMEZ (for himself and Ms. DELBENE) 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 designate 
projects serving extremely low-income households for pur-
poses of allocating the State housing credit ceiling and 
determining an increased amount of low-income housing 
tax credit. 
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 ‘‘Affordable Housing 
Equity Act of 2021’’. 
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SEC. 2. BUILDINGS DESIGNATED TO SERVE EXTREMELY 
LOW-INCOME HOUSEHOLDS. 
(a) RESERVED STATE ALLOCATION.— 
(1) IN GENERAL.—Section 42(h) of the Internal 
Revenue Code of 1986 is amended— 
(A) by redesignating paragraphs (6), (7), 
and (8) as paragraphs (7), (8), and (9), respec-
tively; and 
(B) by inserting after paragraph (5) the 
following new paragraph: 
‘‘(6) PORTION
OF
STATE
CEILING
SET-ASIDE 
FOR PROJECTS DESIGNATED TO SERVE EXTREMELY 
LOW-INCOME HOUSEHOLDS.— 
‘‘(A) IN
GENERAL.—Not more than 90 
percent of the portion of the State housing 
credit ceiling amount described in paragraph 
(3)(C)(ii) for any State for any calendar year 
shall be allocated to buildings other than build-
ings described in subparagraph (B). 
‘‘(B) BUILDINGS DESCRIBED.—A building 
is described in this subparagraph if 20 percent 
or more of the residential units in such building 
are rent-restricted (determined as if the im-
puted income limitation applicable to such units 
were 30 percent of area median gross income) 
and are designated by the taxpayer for occu-
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pancy by households the aggregate household 
income of which does not exceed the greater 
of— 
‘‘(i) 30 percent of area median gross 
income, or 
‘‘(ii) 100 percent of an amount equal 
to the Federal poverty line (within the 
meaning of section 36B(d)(3)). 
‘‘(C) STATE
MAY
NOT
OVERRIDE
SET- 
ASIDE.—Nothing in subparagraph (F) of para-
graph (3) shall be construed to permit a State 
not to comply with subparagraph (A) of this 
paragraph. 
‘‘(D) 
TERMINATION.—This 
paragraph 
shall not apply to allocations after December 
31, 2031.’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
42(b)(4)(C) of such Code is amended by striking 
‘‘(h)(7)’’ and inserting ‘‘(h)(8)’’. 
(b) INCREASE IN CREDIT.—Section 42(d)(5) of such 
Code is amended by adding at the end the following new 
subparagraph: 
‘‘(C) INCREASE IN CREDIT FOR PROJECTS 
DESIGNATED
TO
SERVE
EXTREMELY
LOW-IN-
COME HOUSEHOLDS.— 
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‘‘(i) IN GENERAL.—In the case of any 
building— 
‘‘(I) which is described in sub-
section (h)(6)(B), and 
‘‘(II) which is designated by the 
housing credit agency as requiring the 
increase in credit under this subpara-
graph in order for such building to be 
financially feasible as part of a quali-
fied low-income housing project, 
subparagraph (B) shall not apply to the 
portion of such building which is comprised 
of such units, and the eligible basis of such 
portion of the building shall be 150 per-
cent of such basis determined without re-
gard to this subparagraph.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to allocations, and determinations, 
of housing credit dollar amount after December 31, 2021. 
Æ 
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