H.R. 3126 would increase the federal low-income housing tax credit for affordable housing developments that install water submetering systems. The bill applies to residential buildings with four or more units that separately meter water usage for each unit and allow tenants to access their meter readings within 72 hours of requesting them. Buildings meeting these requirements would receive a 5 percent boost to their eligible tax credit basis, which translates to a larger tax credit and more funding for developers building or rehabilitating affordable housing. The incentive would encourage water conservation by giving tenants visibility into their individual consumption while helping make affordable housing projects more financially viable. The provision would take effect for housing projects that receive tax credit allocations after the bill's enactment.
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