,i  #aahth ,,congress  #ast ,session    
,h4 ,r4 #dah  ,,in ,,the ,,house ,,of   
,,representatives  ,january #bj1        
#bjbc,mr4 ,gomez introduced the         
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to designate projects   
serving extremely low-income households 
for purposes of allocating the ,state   
housing credit ceiling and determining  
an increased amount of low-income       
housing tax credit4  #a4 ,short title   
,this ,act may be cited as the          
,affordable ,housing ,equity ,act of    
#bjbc4  #b4 ,buildings designated to    
serve extremely low-income households   
7a7 ,reserved ,state allocation  7#a7   
,in general ,section #db7;h7 of the     
,internal ,revenue ,code of #aihf is    
amended--  7,a7 by redesignating        
paragraphs 7#f71 7#g71 and 7#h7 as      
paragraphs 7#g71 7#h71 and 7#i71        
respectively2 and  7,b7 by inserting    
after paragraph 7#e7 the following new  

paragraph3  7#f7 ,portion of ,state     
ceiling set-aside for projects          
designated to serve extremely low-income
 households  7,a7 ,in general ,not more 
than #ij percent of the portion of the  
,state housing credit ceiling amount    
described in paragraph 7#c77;,c77ii7 for
 any ,state for any calendar year shall 
be allocated to buildings other than    
buildings described in subparagraph     
7,b74  7,b7 ,buildings described ,a     
building is described in this           
subparagraph if #bj percent or more of  
the residential units in such building  
are rent-restricted 7determined as if   
the imputed income limitation applicable
 to such units were #cj percent of area 
median gross income7 and are designated 
by the taxpayer for occupancy by        
households the aggregate household      
income of which does not exceed the     
greater of--  7i7 #cj percent of area   
median gross income1 or  7ii7 #ajj      
percent of an amount equal to the       
,federal poverty line 7within the       

meaning of section #cf;,b7d77#c774  7,c7
 ,state may not override set-aside      
,nothing in subparagraph 7,f7 of        
paragraph 7#c7 shall be construed to    
permit a ,state not to comply with      
subparagraph 7,a7 of this paragraph4    
7,d7 ,termination ,this paragraph shall 
not apply to allocations after ,december
 #ca1 #bjcc4  4  7#b7 ,conforming       
amendment ,section #db7;b77#d77;,c7 of  
such ,code is amended by striking       
7h77#g7 and inserting 7h77#h74  7b7     
,increase in credit ,section #db7;d77#e7
 of such ,code is amended by adding at  
the end the following new subparagraph3 
7,c7 ,increase in credit for projects   
designated to serve extremely low-income
 households  7i7 ,in general ,in the    
case of any building-- 7,i7 which is    
described in subsection 7h77#f77;,b71   
and  7,,ii7 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 project1   
subparagraph 7,b7 shall not apply to the
 portion of such building which is      
comprised of such units1 and the        
eligible basis of such portion of the   
building shall be #aej percent of such  
basis determined without regard to this 
subparagraph4  4  7c7 ,effective date   
,the amendments made by this section    
shall apply to allocations1 and         
determinations1 of housing credit dollar
 amount after ,december #ca1 #bjbc4