Housing Market Transparency Act

Bill: 117-s-4737
Sponsor: full_name: Sen. Warnock, Raphael G. [D-GA]
Introduced: 2022-08-02
Policy area: Housing and Community Development
Latest action: action_date: 2022-08-02
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-08-02
action_desc: Introduced in Senate
text: <p><b>Housing Market Transparency Act</b></p> <p>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.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4737 IN THE SENATE OF THE UNITED STATES August 2, 2022 Mr. Warnock introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL 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.

1. Short title This Act may be cited as the Housing Market Transparency Act . 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.