Affordable Housing Equity Act of 2025

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 3964 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 3964 To amend the Internal Revenue Code of 1986 to increase the low-income housing tax credit for projects designated to serve extremely low- income households. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES June 12, 2025 Mr. Gomez (for himself and Ms. DelBene) 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 increase the low-income housing tax credit for projects designated to serve extremely low- income households. 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 ``Affordable Housing Equity Act of 2025''. SEC. 2. INCREASE IN CREDIT FOR CERTAIN PROJECTS DESIGNATED TO SERVE EXTREMELY LOW-INCOME HOUSEHOLDS. (a) In General.--Section 42(d)(5) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: ``(C) Increase in credit for projects designated to serve extremely low-income households.--In the case of any building-- ``(i) 20 percent or more of the residential units (determined as if the imputed income limitation applicable to such units were 30 percent of area median gross income) in which are designated by the taxpayer for occupancy by households the aggregate household income of which does not exceed the greater of-- ``(I) 30 percent of area median gross income, or ``(II) 100 percent of an amount equal to the Federal poverty line (within the meaning of section 36B(d)(3)), and ``(ii) which is designated by the housing credit agency as requiring the increase in credit under this subparagraph in order for such building to be financially feasi