SAVE Federally-Assisted Housing Act

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8533 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8533

   To provide an exception to the volume cap requirement for private 
   activity bonds used to finance the preservation, improvement, or 
  replacement of certain federally-assisted buildings, and for other 
                               purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 6, 2020

    Ms. Clark of Massachusetts (for herself, Mr. Marchant, and Mr. 
  Cisneros) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To provide an exception to the volume cap requirement for private 
   activity bonds used to finance the preservation, improvement, or 
  replacement of certain federally-assisted buildings, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Support Allowing Volume Exception 
for Federally-Assisted Housing Act'' or the ``SAVE Federally-Assisted 
Housing Act''.

SEC. 2. EXCEPTION TO VOLUME CAP REQUIREMENT FOR CERTAIN PRIVATE 
              ACTIVITY BONDS.

    (a) In General.--Section 146(g) of the Internal Revenue Code of 
1986 is amended in paragraph (3) by striking ``and'', in paragraph (4) 
by striking the period at the end and inserting ``, and'', and by 
adding at the end the following new paragraph:
            ``(5) any bond to finance the preservation, improvement, or 
        replacement of a Federally-assisted building (as such term is 
        described in section 42(d)(6)(C)(i), provided that for purposes 
        of this paragraph, the substantial assistance requirement under 
        such section will be considered met with respect to any 
        building with more than 20 percent of units assisted or more 
        than 20 percent of the eligible basis funded under one or more 
        of the housing programs covered therein).''.
    (b) Low-Income Housing Credit.--Section 42(h)(4)(A)(i) of such Code 
is amended by adding after ``section 146'' ``or is described in section 
146(g)(5)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this section.
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