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Accelerated Supply of Affordable Production Housing Act

H.R. 9856 · 118th Congress · Sep 25, 2024 · Lineage

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.

Section 1 Short title

This Act may be cited as the “Accelerated Supply of Affordable Production Housing Act” or the “ASAP Housing Act”.

Sec. 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.