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Affordable Housing Equity Act of 2025
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.
Summary
This bill increases the low-income housing tax credit for affordable housing projects that reserve at least 20 percent of units for extremely low-income households (those earning no more than 30 percent of area median income or at the federal poverty line, whichever is greater). For projects meeting this requirement and designated by the housing credit agency as needing the increase to be financially feasible, the eligible basis calculation is increased to 150 percent of the standard amount, which increases the tax credit value available to developers. The change applies to buildings receiving housing credit allocations after the bill's enactment or after December 31, 2025 for certain bond-financed projects.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Gomez, Jimmy [D-CA-34] (D-CA)
1 cosponsor
Money behind the sponsor
Top reported contributors to Jimmy Gomez’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $53,400
- CAPITAL GROUP $41,300
- PISCES, INC. $13,200
- NOT-EMPLOYED $13,100
- CAPITAL GROUP COMPANIES, INC. $10,900
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Jimmy Gomez → · Outside spending →
Actions (2)
- Jun 12, 2025 Referred to the House Committee on Ways and Means. · house
- Jun 12, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
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 feasible as part of a qualified low-income housing project, subparagraph (B) shall not apply to the portion of such building which is comprised of such units (determined in a manner similar to the unit fraction under subsection (c)(1)(C)), and the eligible basis of such portion of the building shall be 150 percent of such basis determined without regard to this subparagraph.”
(b) Effective Date.—The amendment made by this section shall apply to buildings which receive allocations of housing credit dollar amount after the date of enactment of this Act, or in the case of buildings that are described in section 42(h)(4)(B) of the Internal Revenue Code of 1986, for obligations that are part of an issue the issue date of which is after December 31, 2025. <all>
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