LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence Act or the LIFELINE Act
This bill permits states, territories, or tribal governments to use State and Local Fiscal Recovery Funds to finance qualified low-income housing projects (i.e., projects for residential rental property meeting certain income tests) with loans obligated by December 31, 2024, and having maturities of 30 or more years.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7078 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 7078
To amend title VI of the Social Security Act to allow State and Local
Fiscal Recovery Funds to be loaned for low-income housing tax credit
projects.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 15, 2022
Ms. Adams (for herself, Mr. Rouzer, and Mrs. Carolyn B. Maloney of New
York) introduced the following bill; which was referred to the
Committee on Oversight and Reform
_______________________________________________________________________
A BILL
To amend title VI of the Social Security Act to allow State and Local
Fiscal Recovery Funds to be loaned for low-income housing tax credit
projects.
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 ``LIHTC Financing Enabling Long-term
Investment in Neighborhood Excellence Act'' or the ``LIFELINE Act''.
SEC. 2. AUTHORITY TO LOAN STATE AND LOCAL FISCAL RECOVERY FUNDS FOR
LOW-INCOME HOUSING TAX CREDIT PROJECTS.
(a) In General.--Title VI of the Social Security Act (42 U.S.C. 801
et seq.) is amended--
(1) in section 602--
(A) in subsection (a)(1), by inserting ``(except as
provided in subsection (c)(5))'' after ``December 31,
2024''; and
(B) in subsection (c)--
(i) in paragraph (1), in the matter
preceding subparagraph (A), by striking
``paragraph (3)'' and inserting ``paragraphs
(3), (4), and (5)''; and
(ii) by adding at the end the following new
paragraph:
``(5) Use of funds for low-income housing tax credit
projects.--
``(A) In general.--A State, territory, or Tribal
government may use funds provided under this section to
finance `qualified low-income housing projects' within
the meaning of section 42(g) of the Internal Revenue
Code of 1986 with loans having maturities of 30 or more
years. Such loans must be obligated by December 31,
2024, and expended for eligible costs by December 31,
2026. Any amount loaned in accordance with this
subparagraph shall be considered incurred in accordance
with the requirements of this subsection.
``(B) Returned or repaid funds.--Under regulations
prescribed by the Secretary, any funds used by a State,
territory, or Tribal government in accordance with
subparagraph (A) that are returned to the State,
territory, or Tribal government, including from loan
repayment, shall be used to finance affordable housing,
including `qualified low-income housing projects'
within the meaning of section 42(g) of the Internal
Revenue Code of 1986.''; and
(2) in section 603--
(A) in subsection (a), by inserting ``(except as
provided in subsection (c)(6))'' after ``December 31,
2024''; and
(B) in subsection (c)--
(i) in paragraph (1), in the matter
preceding subparagraph (A), by striking
``paragraphs (3) and (4)'' and inserting
``paragraphs (3), (4), (5), and (6)''; and
(ii) by adding at the end the following new
paragraph:
``(6) Use of funds for low-income housing tax credit
projects.--
``(A) In general.--A metropolitan city,
nonentitlement unit of local government, or county may
use funds provided under this section to finance
`qualified low-income housing projects' within the
meaning of section 42(g) of the Internal Revenue Code
of 1986 with loans having maturities of 30 or more
years. Such loans must be obligated by December 31,
2024, and expended for eligible costs by December 31,
2026. Any amount loaned in accordance with this
subparagraph shall be considered incurred in accordance
with the requirements of this subsection.
``(B) Returned or repaid funds.--Under regulations
prescribed by the Secretary, any funds used by a
metropolitan city, nonentitlement unit of local
government, or county in accordance with subparagraph
(A) that are returned to the metropolitan city,
nonentitlement unit of local government, or county,
including from loan repayment, shall be used to finance
affordable housing, including `qualified low-income
housing projects' within the meaning of section 42(g)
of the Internal Revenue Code of 1986.''.
(b) Technical Amendments.--Sections 602(c)(3) and 603(c)(3) of
title VI of the Social Security Act (42 U.S.C. 802(c)(3), 803(c)(3))
are each amended by striking ``paragraph (17) of''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Oversight and Reform.
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