Amends the Internal Revenue Code, with respect to the low-income housing tax credit, to qualify for such credit low-income housing units that are available to individuals who have attained the age of 62 and whose incomes are 140% or less of the income limitation required for occupants of such housing units.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6295 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 6295
To amend the Internal Revenue Code of 1986 to encourage the building of
housing for moderate income seniors.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 2, 2012
Mr. Baca 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 encourage the building of
housing for moderate income seniors.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. MODERATE-INCOME SENIOR HOUSING PROJECT TREATED AS QUALIFIED
LOW INCOME HOUSING PROJECT.
(a) In General.--Subsection (g) of section 42 of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
``(10) Special rule for moderate income senior housing
project.--For purposes of this subsection--
``(A) In general.--A qualified senior shall be
treated as an individual described in subparagraph (A)
or (B) of paragraph (1), as the case may be.
``(B) Qualified senior.--The term `qualified
senior' means any individual--
``(i) who has attained the age of 62, and
``(ii) whose income is 140 percent or less
of the income limitation otherwise applicable
under paragraph (1).
``(C) Income limitation for determining rent
restriction.--
``(i) In general.--For purposes of
paragraph (2), the income limitation under
paragraph (1) with respect to a residential
unit occupied by a qualified senior shall be
treated as the income limitation described in
subparagraph (B)(ii).
``(ii) Next available unit must be rented
to qualified senior if income rises above 140
percent of income limit.--In the case of a unit
occupied by a qualified senior, if the income
of the occupants of the unit increases above
140 percent of the income limitation, paragraph
(2)(D)(i) shall continue to apply only if any
residential unit in the building (of a size
comparable to, or smaller than, such unit) is
occupied by a new resident who is a qualified
senior.''.
(b) Preference for Allocating to Moderate Income Senior Housing
Projects.--Clause (ii) of section 42(m)(1)(B) of such Code is amended
by adding at the end the following new subclause:
``(IV) projects serving qualified
seniors (as defined in subsection
(g)(10)(B)), and''.
(c) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to determinations
under section 42 of the Internal Revenue Code of 1986 with
respect to housing credit dollar amounts allocated from State
housing credit ceilings for calendar years after 2012.
(2) Buildings not subject to allocation limits.--To the
extent paragraph (1) of section 42(h) of such Code does not
apply to any building by reason of paragraph (4) thereof, the
amendments made by this section shall apply to buildings placed
in service after December 31, 2012.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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