The Save Affordable Housing Act removes a tax code provision that allows developers of low-income housing projects to exit their affordable housing commitments early through "qualified contracts." Under current law, developers can sell their buildings at fair market value and end the requirement to keep units affordable once certain conditions are met. This bill eliminates that exit option for buildings that received federal housing tax credits before January 1, 2025, requiring them to maintain affordable housing restrictions for their full commitment period. The legislation affects developers and owners of low-income housing projects that benefit from federal tax credits, effectively locking in long-term affordability protections. Most provisions take effect immediately upon enactment, though rules governing how existing projects handle the change apply to written requests submitted after the bill becomes law.
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