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Bill Introduced to Encourage Mixed-Income Housing Development

Friday, March 7, 2014 - 8:00AM

Last week, Rep. Hakeem Jeffries, D-N.Y., introduced the Low and Moderate Income Housing Act of 2014 to encourage mixed-income housing development. The bill, H.R. 4130, would replace the 40-60 minimum set-aside test under Subparagraph (B) of section 42(g)(1) of the Internal Revenue Code of 1986 with a 50-50-120 test. The proposed change would require that 50 percent or more of a development’s residential units are both rent-restricted and occupied by individuals whose income is at least 50 percent, but not more than 120 percent, of area median income. Upon introduction, H.R. 4130 was referred to the House Committee on Ways and Means.

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