Missed Opportunities in Low Income Housing Act of 2017

Bill: 115-hr-4358
Sponsor: full_name: Rep. Lewis, John [D-GA-5]
Introduced: 2017-11-09
Policy area: Taxation
Subjects: Congressional oversight

Income tax credits

Low- and moderate-income housing
Latest action: action_date: 2017-11-09
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-11-09
action_desc: Introduced in House
text: <p><b>Missed Opportunities in Low Income Housing Act of 2017 </b></p> <p>This bill requires the Internal Revenue Service to report annually to Congress on applications for tax credits under the low-income housing tax credit program that, in the preceding fiscal year, were approved but not allocated credits. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 4358 IN THE HOUSE OF REPRESENTATIVES November 9, 2017 Mr. Lewis of Georgia introduced the following bill; which was referred to the Committee on Ways and Means A BILL To require the Commissioner of Internal Revenue to report on applications for tax credits under the low-income housing tax credit program that, in the preceding fiscal year, were approved but not allocated.

1. Short title This Act may be cited as the Missed Opportunities in Low Income Housing Act of 2017 . 2. Report on applications for low-income housing tax credit program that were approved but not allocated (a) In general Not later than December 31 of each fiscal year, the Commissioner of the Internal Revenue Service shall submit a report to the Congress on applications for tax credits under the low-income housing tax credit program that, in the preceding fiscal year, were approved but not allocated credits. (b) Contents Each report required by subsection (a) shall specify each of the following: (1) The number of applications for tax credits under the low-income housing tax credit program that were approved by State Housing Finance Agencies but not allocated credits. (2) The total number of apartment buildings, apartment units, single family dwellings, duplexes, and townhouses proposed in applications that were approved by State Housing Finance Agencies but did not receive an allocation of low-income housing tax credit program credits. (3) The total number of people who could have taken residency in units proposed by approved applications that did not receive tax credits. (c) Definitions In this Act: (1) The term low-income housing tax credit program means the low-income housing tax credit program as authorized under section 252 of the Tax Reform Act of 1986 to provide an incentive for the development and rehabilitation of affordable rental housing.