The bill modifies tenant income eligibility requirements and the average income formula for determining such income. It also revises rules for student occupancy of rental units and tenant voucher payments, and prohibits any refusal to rent to victims of domestic abuse.
The bill further modifies the credit to
increase state allocations of the credit;
repeal the qualified census tract population cap;
prohibit local approval and contribution requirements;
increase the credit for certain projects designated to serve extremely low-income households;
increase the credit for certain bond-financed projects designated by state agencies;
eliminate the basis reduction for properties that receive certain energy-related tax benefits; and
increase the population cap for difficult development areas (i.e., areas with high construction, land, and utility costs relative to area median gross income).
The bill also includes Indian and rural areas as difficult development areas and modifies other requirements relating to casualty losses, acquisition credits, and foreclosures.