Low and Moderate Income Housing Act of 2014

Bill: 113-hr-4130
Sponsor: full_name: Rep. Jeffries, Hakeem S. [D-NY-8]
Introduced: 2014-02-28
Policy area: Taxation
Subjects: Income tax credits

Low- and moderate-income housing

Real estate business
Latest action: action_date: 2014-02-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-02-28
action_desc: Introduced in House
text: <p>Low and Moderate Income Housing Act of 2014 - Amends the Internal Revenue Code, with respect to the low-income housing tax credit, to provide that a qualified low-income housing project is eligible for the credit if 50% or more of the residential units in such project are both rent-restricted and occupied by individuals whose income is at least 50%, but not more than 120%, of area median gross income. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4130 IN THE HOUSE OF REPRESENTATIVES February 28, 2014 Mr. Jeffries 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 encourage mixed-income housing development.

1. Short title This Act may be cited as the Low and Moderate Income Housing Act of 2014 . 2. Mixed-income housing test for low-income housing credit (a) In general Subparagraph (B) of section 42(g)(1) of the Internal Revenue Code of 1986 is amended to read as follows: (B) 50–50–120 test The project meets the requirements of this subparagraph if 50 percent or more of the residential units in such project are both rent-restricted and occupied by individuals whose income is at least 50 percent, but not more than 120 percent, of area median gross income. . (b) Effective date The amendments made by this section shall apply to determinations under section 42 of the Internal Revenue Code of 1986 with respect to housing credit dollar amounts allocated from State housing credit ceilings after the date of the enactment of this Act.