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Save Affordable Housing Act of 2025
To amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes.
Summary
This Act repeals the qualified contract option that previously allowed low-income housing buildings to exit their affordable housing requirements after a specified period. For buildings that received low-income housing tax credits before January 1, 2025, the affordable housing commitment is made permanent. When such buildings are later sold, they must be sold at fair market value as determined by accounting for the ongoing rent restrictions required to maintain their low-income housing status. The amendments take effect upon enactment, with provisions regarding existing projects applying to requests submitted after the bill's enactment.
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. Neguse, Joe [D-CO-2] (D-CO)
Money behind the sponsor
Top reported contributors to Joe Neguse’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- BROWNSTEIN HYATT FARBER SCHRECK $31,726
- HOLLAND & HART $17,400
- ELEVATIONS CREDIT UNION $14,600
- FOUNDRY GROUP $14,200
- DISH NETWORK $13,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Joe Neguse → · Outside spending →
Actions (2)
- Jul 21, 2025 Referred to the House Committee on Ways and Means. · house
- Jul 21, 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
July 21, 2025
Mr. Neguse 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 repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes.
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 “Save Affordable Housing Act of 2025”.
SEC. 2. REPEAL OF QUALIFIED CONTRACT OPTION.
(a) Termination of Option for Certain Buildings.—
(1) In general.—Subclause (II) of section 42(h)(6)(E)(i) of the Internal Revenue Code of 1986 is amended by inserting “in the case of a building described in clause (iii),” before “on the last day”.
(2) Buildings described.—Subparagraph (E) of section 42(h)(6) of such Code is amended by adding at the end the following new clause:
“(iii) Buildings described.—A building described in this clause is a building—
“(I) which received its allocation of housing credit dollar amount before January 1, 2025, or
“(II) in the case of a building any portion of which is financed as described in paragraph (4) and which received before January 1, 2025, under the rules of paragraphs (1) and (2) of subsection (m), a determination from the issuer of the tax-exempt bonds or the housing credit agency that the building would be eligible under the qualified allocation plan to receive an allocation of housing credit dollar amount or that the credits to be earned are necessary for financial feasibility of the project and its viability as a qualified low-income housing project throughout the credit period.”.
(b) Rules Relating to Existing Projects.—Subparagraph (F) of section 42(h)(6) of the Internal Revenue Code of 1986 is amended by striking “the nonlow-income portion” and all that follows and inserting “the nonlow-income portion and the low-income portion of the building for fair market value (determined by the housing credit agency by taking into account the rent restrictions required for the low- income portion of the building to continue to meet the standards of paragraphs (1) and (2) of subsection (g)). The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out this paragraph.”.
(c) Conforming Amendments.—
(1) Paragraph (6) of section 42(h) of the Internal Revenue Code of 1986 is amended by striking subparagraph (G) and by redesignating subparagraphs (H), (I), (J), and (K) as subparagraphs (G), (H), (I), and (J), respectively.
(2) Subclause (II) of section 42(h)(6)(E)(i) of such Code, as amended by subsection (a), is further amended by striking “subparagraph (I)” and inserting “subparagraph (H)”.
(d) Technical Amendment.—Subparagraph (I) of section 42(h)(6) of the Internal Revenue Code of 1986, as redesignated by subsection (c), is amended by striking “agreement” and inserting “commitment”.
(e) Effective Date.—
(1) In general.—Except as provided in paragraph (2), the amendments made by this section shall take effect on the date of the enactment of this Act.
(2) Rules relating to existing projects.—The amendments made by subsection (b) shall apply to buildings with respect to which a written request described in section 42(h)(6)(H) of the Internal Revenue Code of 1986, as redesignated by subsection
(c), is submitted after the date of the enactment of this Act. <all>
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