This bill, called the FIXER Act, changes tax rules for certain tax-exempt bonds used to preserve and fix rental housing. It lets a state or local issuing authority choose to exempt certain exempt facility bonds from that authority's volume cap. To qualify, 95% or more of the bond's net proceeds must be used to preserve, improve, or replace one of these kinds of buildings: a qualified low-income building whose compliance period has closed but extended-use period has not closed; a federally assisted building; or a State-assisted building. The bill also changes the rule about buying existing property so that 50% replaces the current 15% test for these bonds. The election to exempt the bonds is irrevocable. The bill adds a rule to the low-income housing tax credit section that treats a separate credit requirement as met for obligations that would have been counted under the new exception. The changes apply to bonds issued after the bill becomes law.
No publicly available information.
No publicly available information beyond the bill text and title. The bill text shows it is written to permit issuing authorities to exempt certain bonds from volume caps so tax-exempt financing can be used to preserve or rehabilitate qualifying assisted or low-income rental buildings, and to align a low-income housing tax credit rule with that exception.
No publicly available information.