S. 1515: Affordable Housing Credit Improvement Act of 2025
The Affordable Housing Credit Improvement Act of 2025 proposes significant reforms aimed at enhancing affordable housing options for low-income households. The bill focuses on the low-income housing credit system, which provides financial incentives for the development of affordable housing. Key components of the legislation include:
Reforms to Low-Income Housing Credit
The bill seeks to improve the functioning of the low-income housing credit by:
- Adjusting state allocations to better reflect the need for affordable housing in different areas.
- Revising tenant eligibility rules to broaden access to affordable housing for very low-income households.
- Introducing specific protections for victims of domestic violence to ensure they have access to safe housing.
Amendments to Internal Revenue Code
Additionally, the bill amends various sections of the Internal Revenue Code that relate to housing development. Key amendments include:
- Establishing exceptions for affordable housing properties during eligibility determinations, ensuring that these properties can qualify more easily for necessary credits.
- Increasing oversight of development costs for affordable housing projects to prevent excessive spending and ensure that funds are used effectively.
- Designating rural and Indian areas as "difficult development areas," which will allow these regions to receive additional support for affordable housing initiatives.
Implementation Timeline
The amendments proposed in this bill will take effect after 2025, allowing time for implementation and adaptation by states and developers involved in affordable housing.
Relevant Companies
- AVB - AvalonBay Communities, Inc.: As a real estate investment trust that focuses on the development and management of rental communities, AvalonBay might see a direct impact on its operations and investment strategies in response to changes in low-income housing credits.
- ESS - Essex Property Trust, Inc.: Similar to AvalonBay, Essex is also involved in real estate and may be affected by adjustments in affordable housing incentives and regulations that could influence its development portfolio.
- PKS - Park Hotels & Resorts Inc.: While primarily focused on hospitality, any changes in tax incentives for development could indirectly affect land use decisions that involve mixed housing developments.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
42 bill sponsors
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TrackTodd Young
Sponsor
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TrackMichael F. Bennet
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TrackMarsha Blackburn
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TrackJohn Boozman
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TrackTed Budd
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TrackMaria Cantwell
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TrackShelley Moore Capito
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TrackBill Cassidy
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TrackSusan M. Collins
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TrackCatherine Cortez Masto
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TrackKevin Cramer
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TrackJohn Fetterman
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TrackKirsten E. Gillibrand
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TrackMargaret Wood Hassan
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TrackJohn W. Hickenlooper
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TrackMazie K. Hirono
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TrackJohn Hoeven
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TrackJon Husted
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TrackCindy Hyde-Smith
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TrackJames C. Justice
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TrackTim Kaine
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TrackAmy Klobuchar
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TrackBen Ray Lujan
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TrackRoger Marshall
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TrackDavid McCormick
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TrackJerry Moran
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TrackLisa Murkowski
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TrackPatty Murray
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TrackPete Ricketts
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TrackJacky Rosen
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TrackMike Rounds
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TrackCharles E. Schumer
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TrackJeanne Shaheen
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TrackTina Smith
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TrackDan Sullivan
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TrackThom Tillis
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TrackMark R. Warner
Co-Sponsor
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TrackRaphael G. Warnock
Co-Sponsor
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TrackPeter Welch
Co-Sponsor
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TrackSheldon Whitehouse
Co-Sponsor
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TrackRoger F. Wicker
Co-Sponsor
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TrackRon Wyden
Co-Sponsor
Actions
2 actions
| Date | Action |
|---|---|
| Apr. 29, 2025 | Introduced in Senate |
| Apr. 29, 2025 | Read twice and referred to the Committee on Finance. |
Corporate Lobbying
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