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119-hr-4572119th CongressWALLET

Save Affordable Housing Act of 2025

Sponsored By: Representative Neguse, Joe [D-CO-2]

Introduced

Summary

Ends the 'qualified contract' exit option for many Low-Income Housing Tax Credit projects and changes how existing projects are valued. This bill would repeal the ability to use a qualified contract for buildings that received their housing credit allocation before Jan 1, 2025 or for certain bond-financed buildings with pre‑2025 eligibility determinations.

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  • Owners and developers: Projects that meet the bill's categories would no longer have the qualified contract option to convert or exit extended low‑income commitments. This directly affects buildings allocated credits before Jan 1, 2025 or with qualifying bond-finance determinations.
  • Housing credit agencies and tax‑exempt bond issuers: Agencies would determine fair market value separately for the low‑income and nonlow‑income portions of a building and must account for the rent restrictions that keep the low‑income portion compliant. The Secretary of the Treasury may issue regulations to carry out this valuation rule.
  • Implementation and technical changes: The bill makes conforming and technical amendments to related Internal Revenue Code provisions and takes effect on enactment, with the valuation rule applying to written requests submitted after enactment.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Stricter exits and new valuation for affordable housing

The bill would end the “qualified contract” exit option for many affordable housing projects. It would cover buildings that got tax credit allocations before January 1, 2025, or had the listed pre-2025 bond or agency determinations. It would also change how agencies set fair market value in that process: they would value low-income and other units separately and must count rent limits on the low-income units. The valuation change would apply only if an owner files the written request after enactment, and Treasury could issue rules to carry it out. If passed, this could help keep units affordable for low-income renters but limit some owners’ exits or lower sale prices.

Sponsors & CoSponsors

Sponsor

Neguse, Joe [D-CO-2]

CO • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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