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Bipartisan Legislation Introduced to Protect Long-Term Affordability Under LIHTC

Arlene Conn, Policy Analyst

On June 25, The Save Affordable Housing Act of 2019 was introduced with bipartisan support in both the Senate and the House. The Senate bill (S. 1956) was introduced by Senators Ron Wyden (D-WA) and Todd Young (R-IN), with Senators Ben Cardin (D-MD) and Sherrod Brown (D-OH) as original co-sponsors, and the House bill (H.R. 3479) was introduced by Representatives Joe Neguse (D-CO-02), Don Beyer (D-VA-08), and Jackie Walorski (R-IN-02).

The legislation would reduce the loss of Low Income Housing Tax Credit (LIHTC) properties before the end of their affordability periods. Under current law, LIHTC properties are subject to a 30-year affordability period, but owners may pursue a Qualified Contract (QC), which generally results in the conversion of properties to market rate after 15 years.

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