Senate Finance Committee Ranking Member Ron Wyden (D-OR) and Senators Todd Young (R-IN) and Representatives Don Beyer (D-VA), Joe Neguse (D-CO) and Jackie Walorski (R-IN) introduced legislation to eliminate the Qualified Contract provision for new LIHTC properties. According to Sen. Wyden’s press release, nearly 50,000 affordable LIHTC units have been lost through Qualified Contracts since 2002, with 18,000 units lost in 2017 alone.
The Save Affordable Housing Act would repeal the Qualified Contract provision for future LIHTC properties and requiring existing LIHTC properties to be sold at a fair-market price rather than the statutory formula price which typically exceeds fair-market value.
