Section 1 Short title
This Act may be cited as the “Promoting Submetering for Affordable Housing Act”.
Promoting Submetering for Affordable Housing Act
A BILL
To amend the Internal Revenue Code of 1986 to increase the low-income housing credit for projects that use water submetering.
Sec. 2 Increase in credit for projects that use water submetering
In general— Paragraph (5) of section 42(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
“(C) Increase in credit for projects that use water submetering—In the case of any building—
“(i) which contains 4 or more units,
“(ii) which uses water submeters for purposes of billing each unit separately, and
“(iii) in which tenants have access to read water submeters, including in landlord-controlled areas, within 72 hours of making a request for such information,”
Effective date— The amendment made by this section shall apply to buildings which receive allocations of housing credit dollar amount or, in the case of projects financed by tax-exempt obligations as described in section 42(h)(4) of the Internal Revenue Code of 1986, which are first taken into account under section 146 of such Code, after the date of the enactment of this Act.