The Affordable Housing Credit Improvement Act expands and reforms the federal Low-Income Housing Tax Credit program to increase affordable housing development and protect tenants. The bill significantly boosts funding by raising per capita state allocations from $1.75 to $4.25 (adjusted annually for inflation) and increasing minimum state allocations to $4.876 million, while broadening eligibility to allow tenants earning up to 80 percent of area median income and permitting existing residents to stay even as their incomes rise up to 120 percent of the median. The legislation strengthens tenant protections by preventing evictions based on domestic violence victimization, carving out exceptions to student housing restrictions for veterans and other vulnerable groups, and establishing procedures to protect remaining occupants when leases are bifurcated. Additional provisions modernize the program by extending reconstruction timelines for disaster-affected properties, preventing inflated acquisition costs, treating relocation expenses as eligible rehabilitation costs, providing enhanced credits for extremely low-income households, and directing more resources to Native American and rural communities. The bill also imposes new oversight requirements on development costs and requires housing agencies to adopt transparent project selection criteria aligned with community revitalization plans.
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