Explanation of H.R. 1661

This bill, the Affordable Housing Credit Improvement Act of 2017, aims to reform the low-income housing credit under the Internal Revenue Code of 1986. The bill includes a series of reforms to improve tenant eligibility, credit rate, and other rules related to credit eligibility and determination. Some key provisions include:

Setting criteria for tenant eligibility based on income limitations.
Increasing the minimum credit rate for certain buildings.
Allowing certain relocation costs to be considered as rehabilitation expenditures.
Increasing the credit for projects serving extremely low-income households.
Removing the population cap for difficult development areas.
Prohibiting local approval and contribution requirements for housing projects.
Including Indian areas as difficult development areas for specific buildings.
Changing references from "low-income" to "affordable" in relevant sections of the code.

These reforms are designed to enhance the effectiveness of the affordable housing tax credit program and improve access to affordable housing for individuals and families in need.

Rep. Brad Wenstrup

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