ASAP Housing Act

Bill: 118-hr-9856
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2024-09-25
Policy area: Taxation
Latest action: action_date: 2024-09-25
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9856 IN THE HOUSE OF REPRESENTATIVES September 25, 2024 Mr. Torres of New York 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 establish an exception to the volume cap for certain bonds to finance the preservation, improvement, or development of affordable rental housing buildings.

1. Short title This Act may be cited as the Accelerated Supply of Affordable Production Housing Act or the ASAP Housing Act . 2. Exception to volume cap for bonds to finance affordable housing (a) In general Section 146(g) of the Internal Revenue Code of 1986 is amended— (1) in paragraph (5), by striking and at the end, (2) in paragraph (6), striking the period at the end and inserting , and , and (3) by inserting after paragraph (6) the following new paragraph: (7) any bond— (A) to finance the preservation, improvement, or development of affordable rental housing buildings in which 100 percent of units are affordable for low-income households, and (B) which is issued during the period of calendar years 2025 through 2034. . (b) Coordination with low-Income housing credit Section 42(h)(4)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting or is described in subsection (g)(7) of such section after section 146 . (c) Effective date The amendments made by this section shall apply to bonds issued after December 31, 2024.