Boosting Tax Credits for Accessible Housing Act

Boosting Tax Credits for Accessible Housing Act

This bill increases the low-income housing tax credit for units designated for occupancy by persons with disabilities.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3925 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 3925

 To amend the Internal Revenue Code of 1986 to increase the low-income 
housing credit for projects designated to serve households with people 
                           with disabilities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 12, 2024

   Mr. Casey introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the low-income 
housing credit for projects designated to serve households with people 
                           with disabilities.

    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 ``Boosting Tax Credits for Accessible 
Housing Act''.

SEC. 2. INCREASE IN LOW-INCOME HOUSING CREDIT FOR PROJECTS DESIGNATED 
              TO SERVE HOUSEHOLDS WITH PEOPLE WITH DISABILITIES.

    (a) 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 designated to 
                serve households with people with disabilities.--
                            ``(i) In general.--In the case of any 
                        building--
                                    ``(I) 50 percent or more of the 
                                low-income units in the building are 
                                units designated by the taxpayer to 
                                meet the applicable design standards 
                                for occupancy by persons with mental, 
                                physical, sensory, or developmental 
                                disabilities,
                                    ``(II) which is located in a census 
                                block group designated by the 
                                Environmental Protection Agency as 
                                being--
                                            ``(aa) above average or 
                                        better in terms of walkability, 
                                        or
                                            ``(bb) adjacent to 2 or 
                                        more census tracts described in 
                                        item (aa), and
                                    ``(III) which is designated by the 
                                housing credit agency as requiring the 
                                increase in credit under this 
                                subparagraph in order for such building 
                                to be financially feasible as part of a 
                                qualified low-income housing project,
                        subparagraph (B) shall not apply to the portion 
                        of such building which is comprised of such 
                        units, and the eligible basis of such portion 
                        of the building shall be 150 percent of such 
                        basis determined without regard to this 
                        subparagraph.
                            ``(ii) Design standards.--For purposes of 
                        clause (i)(I), the term `applicable design 
                        standards' means the principles and standards 
                        of adaptable design as detailed in the Uniform 
                        Federal Accessibility Standards, or any 
                        successor standard designated by the 
                        Secretary.''.
    (b) 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.
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