The ASAP Housing Act amends federal tax law to create an exception to volume caps on tax-exempt bonds used to finance affordable rental housing. Specifically, the bill allows bonds issued between 2025 and 2034 to finance the preservation, improvement, or development of rental housing buildings where all units are affordable to low-income households without counting against state bond volume limits. This exception applies to bonds used in conjunction with the Low-Income Housing Tax Credit program. The legislation, introduced in September 2024, takes effect for bonds issued after December 31, 2024, and aims to accelerate the production of affordable housing by removing a key financing constraint that had previously limited the number of affordable housing projects states could support.
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