Section 1 Short title
This Act may be cited as the “Access to Affordable Housing Act”.
Access to Affordable Housing Act
A BILL
To amend the Internal Revenue Code of 1986 to increase State allocations for the low-income housing credit.
Sec. 2 Increases in State allocations for low-income housing credit
Phase-In of increases—
by striking “$1.75” in subclause (I) and inserting “the per capita dollar amount”; and
by striking “$2,000,000” in subclause (II) and inserting “the minimum ceiling amount”.
Per capita dollar amount; minimum ceiling amount— Subparagraph (I) of section 42(h)(3) of such Code is amended to read as follows:
“(I) Per capita dollar amount; minimum ceiling amount—For purposes of this paragraph—
“(i) Per capita dollar amount—The per capita dollar amount is—
“(I) for calendar year 2017, $2.35,
“(II) for calendar year 2018, $2.59,
“(III) for calendar year 2019, $2.82,
“(IV) for calendar year 2020, $3.06,
“(V) for calendar year 2021, $3.29, and
“(VI) $3.53 thereafter.
“(ii) Minimum ceiling amount—The minimum ceiling amount is—
“(I) for calendar year 2017, $2,710,000,
“(II) for calendar year 2018, $2,981,000,
“(III) for calendar year 2019, $3,252,000,
“(IV) for calendar year 2020, $3,523,000,
“(V) for calendar year 2021, $3,794,000, and
“(VI) $4,065,000 thereafter.”
Modification of cost-of-living adjustment— Subparagraph (H) of section 42(h)(3) of such Code is amended—
by striking “2002” in clause (i) and inserting “2017”;
by striking “the $2,000,000 and $1.75 amounts in subparagraph (C)” in clause (i) and inserting “the dollar amounts applicable to such calendar year under clauses (i) and (ii) of subparagraph (I)”;
by striking “2001” in clause (i)(II) and inserting “2016”;
by striking “$2,000,000” in clause (ii)(I) and inserting “minimum ceiling”; and
by striking “$1.75” in clause (ii)(II) and inserting “per capita dollar”.
Effective date— The amendments made by this subsection shall apply to calendar years beginning after December 31, 2017.
Permanent increases—
In general— Clause (ii) of section 42(h)(3)(C) of the Internal Revenue Code of 1986, as amended by subsection (a)(1), is amended—
by striking “the per capita dollar amount” in subclause (I) and inserting “$3.53”; and
by striking “the minimum ceiling amount” in subclause (II) and inserting “$4,065,000”.
Conforming amendment— Paragraph (3) of section 42(h) of such Code is amended by striking subparagraph (I), as amended by subsection (a)(2).
Cost-of-living adjustment— Subparagraph (H) of section 42(h)(3) of such Code, as amended by subsection (a)(3), is amended—
by striking “the dollar amounts applicable to such calendar year under clauses (i) and (ii) of subparagraph (I)” in clause (i) and inserting “the $4,065,000 and $3.53 amounts in subparagraph (C)”;
by striking “minimum ceiling” in clause (ii)(I) and inserting “$4,065,000”; and
by striking “per capita dollar” in clause (ii)(II) and inserting “$3.53”.
Effective date— The amendments made by this subsection shall apply to calendar years beginning after December 31, 2022.