Housing Market Transparency Act
Bill: S.4737 | Sponsor: Sen. Warnock, Raphael G. (D-GA)
Policy area: Housing and Community Development

Summary:
Housing Market Transparency Act
This bill requires the Department of Housing and Urban Development (HUD) to collect and report certain information about buildings that receive low-income housing tax credits, including relevant development costs, ownership information, habitability standards, and related data. State agencies that administer the credit must also report such information to HUD.

To require the Secretary of Housing and Urban Development to collect 
and make publicly available data on properties receiving an allocation 
   of credit under the low-income housing tax credit, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Housing Market Transparency Act''.

SEC. 2. HUD REPORTING AND TRANSPARENCY ON LOW-INCOME HOUSING TAX CREDIT 
              PROJECTS.

    (a) Definitions.--In this section:
            (1) Covered property.--The term ``covered property'' means 
        a building receiving an allocation of credit under section 42 
        of the Internal Revenue Code of 1986.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
    (b) Collection of Information.--
            (1) In general.--The Secretary shall regularly collect and 
        maintain data on covered properties, including--
                    (A) development costs, including general contractor 
                costs;
                    (B) ownership data;
                    (C) whether the owner is a pass-through entity;
                    (D) the most recent habitability standards;
                    (E) in the case of disposition of a covered 
                property, the reason for the disposition, such as sale, 
                foreclosure, or destruction;
                    (F) the expiration date of affordable use 
                provisions;
                    (G) whether the owner has waived the right to a 
                qualified contract;
                    (H) the most recent inspection and habitability 
                information; and
                    (I) any other data determined relevant by the 
                Secretary.
            (2) Provision of data.--Each State agency administering 
        credits under section 42 of the Internal Revenue Code of 1946 
        for covered properties shall, not later than 18 months after 
        the date on which each such covered property is placed in 
        service and annually thereafter, submit to the Secretary the 
        data required to be collected under paragraph (1) with respect 
        to those covered properties.
            (3) Standards and definitions.--The Secretary shall--
                    (A) establish standards and definitions for the 
                data collected under paragraph (1);
                    (B) provide States with technical assistance to 
                establish systems to compile and submit data to the 
                Secretary under paragraph (2); and
                    (C) in coordination with other Federal agencies 
                administering housing assistance programs, establish 
                procedures to minimize duplicative reporting 
                requirements for covered properties assisted under 
                multiple housing programs.
            (4) Reporting.--The Secretary shall--
                    (A) not less frequently than annually, compile and 
                make publicly available the data collected under 
                paragraph (1), other than the date described in 
                subparagraph (A) of that paragraph; and
                    (B) periodically assess and issue a public report 
                on covered properties and the general multifamily 
                housing development market.
            (5) Properties no longer in compliance.-- With respect to a 
        covered property that will no longer be eligible for an 
        allocation of credit under section 42 of the Internal Revenue 
        Code of 1986 before the end of a given year, the Secretary 
        shall collect data under paragraph (1) on the final owner or 
        purchaser of the covered property, including whether the 
        purchaser is a nonprofit entity.
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