An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Low-Income Housing Tax Credit (LIHTC)

A federal program that gives tax breaks to developers who build or rehabilitate affordable housing for low-income individuals and families.

Secretary of Housing and Urban Development (HUD)

The head of the U.S. government department responsible for national housing programs and fair housing laws.

Covered Property

A building or housing project that receives funding through the Low-Income Housing Tax Credit program.

Pass-through entity

A business structure (like a partnership or LLC) that passes its income directly to its owners, who then pay individual income taxes on it, rather than the business itself paying corporate taxes.

Affordable Use Provisions

Rules that require a housing property to remain affordable for low-income tenants for a specified period, often 30 years or more, as a condition of receiving federal funding or tax credits.

Qualified Contract

A provision in the LIHTC program that allows an owner to sell a property at the end of its initial compliance period (typically 15 years) if the property's affordability restrictions would otherwise continue.