[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9856 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 9856

To amend the Internal Revenue Code of 1986 to establish an exception to 
     the volume cap for certain bonds to finance the preservation, 
  improvement, or development of affordable rental housing buildings.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 25, 2024

    Mr. Torres of New York introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to establish an exception to 
     the volume cap for certain bonds to finance the preservation, 
  improvement, or development of affordable rental housing buildings.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accelerated Supply of Affordable 
Production Housing Act'' or the ``ASAP Housing Act''.

SEC. 2. EXCEPTION TO VOLUME CAP FOR BONDS TO FINANCE AFFORDABLE 
              HOUSING.

    (a) In General.--Section 146(g) of the Internal Revenue Code of 
1986 is amended--
            (1) in paragraph (5), by striking ``and'' at the end,
            (2) in paragraph (6), striking the period at the end and 
        inserting ``, and'', and
            (3) by inserting after paragraph (6) the following new 
        paragraph:
            ``(7) any bond--
                    ``(A) to finance the preservation, improvement, or 
                development of affordable rental housing buildings in 
                which 100 percent of units are affordable for low-
                income households, and
                    ``(B) which is issued during the period of calendar 
                years 2025 through 2034.''.
    (b) Coordination With Low-Income Housing Credit.--Section 
42(h)(4)(A)(i) of the Internal Revenue Code of 1986 is amended by 
inserting ``or is described in subsection (g)(7) of such section'' 
after ``section 146''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after December 31, 2024.
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