Allows nonrecognition of gain on real property sold for affordable housing.
The Affordable Housing Incentives Act amends the Internal Revenue Code to allow nonrecognition of gain on real property sold for use as affordable housing. This applies if the property has a binding legal restriction to maintain it as affordable housing for 30 years. The sale must be to a qualified housing operator, such as a government entity or a housing development organization. The sale price must not exceed a qualified appraisal. The transferor must notify the Secretary of the Treasury within 90 days of the sale.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.