Sen. Heller Introduces Senior Affordable Housing Tax Credit Act

Tuesday, October 16, 2018 - 11:00am

Sen. Dean Heller, R-Nev., this week introduced the Seniors Affordable Housing Tax Credit Act. S. 3580 would allocate tax credits to states, which would award them to owners or developers of rental property for low-income seniors. Seniors in those properties would pay no more than 30 percent of their income for rent and utilities and the property owner would receive a federal tax credit as compensation for potential loss. Starting in 2019, each state would have a credit amount equal to $1.75 multiplied by the state population, with a minimum of $2 million annually, with the amount adjusted annually for inflation.