Sen. Heller Introduces Tax Credit Proposal Targeting Low-Income Seniors

Filed in Advocacy, Multifamily by on October 17, 2018 2 Comments

Sen. Dean Heller (R-Nev) on Oct. 11 introduced the Seniors Affordable Housing Tax Credit Act (S. 3580), legislation that would provide tax credits to building owners who lease units to low-income seniors.

Like the Low Income Housing Tax Credit, this bill would provide a per-capita allocation of tax credits to every state, and building owners would apply through their housing financing agency to receive an allocation.

Buildings receiving an allocation would receive credits for up to a 15-year period.  Under the proposed legislation, buildings that received federal credits under Section 42, or other federal assistance for the construction or rehabilitation of the program, would be eligible to also receive the new senior credit.

To be eligible, buildings must offer rents that are the lesser of 30% of the monthly family income of residents of the unit or the applicable standard fair market rent.  In addition, any utility allowance paid by the residents is considered rent for purposes of determining the maximum rental payment permitted.

Qualifying tenants must have family income that does not exceed 30% of the area median gross income or the applicable poverty line, and at least one occupant must be 55 or older at the time of the lease.

Building owners would be able to sell the credits, and the credits could be claimed against alternative minimum tax liability.

The bill currently has no cosponsors.

For more information, contact J.P. Delmore at 800-368-5242 x8412.


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Comments (2)

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  1. Richard Casada says:

    I am especially interested in any new ideas in rural housing

  2. I am interested in building a community for low income seniors as I have heard that their rent is incresing in our area, making it difficult for them to make it on their fixed income.
    I would like to help with any legislation that might help move this forward.

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