United States 116th Congress Status: In Committee 1 D cosponsors

HR 6011 — Affordable and Homeless Housing Incentives Act of 2020

Last action — Referred to the House Committee on Ways and Means.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

In plain language

The bill allows tax benefits for selling property as affordable housing.

This bill amends the Internal Revenue Code to enable sellers of real property to avoid recognizing a gain for properties sold to qualified housing operators for affordable housing purposes. It defines what constitutes a qualified housing operator and sets requirements for affordable housing.

What this means for you
  • Small Business: This bill may encourage small businesses and organizations involved in property sales to engage in affordable housing initiatives.

Summary

Affordable and Homeless Housing Incentives Act of 2020 This bill allows nonrecognition of gain, for income tax purposes, from the sale of real property to a qualified housing operator for use or development by such operator as affordable housing. The bill defines qualified housing operator to include a state or local government, a tribally designated housing entity, a community housing development organization, or a tax-exempt entity organized to provide affordable housing and which receives federal, state, or local grants to develop or operate such housing. To be eligible for nonrecognition of gain, the seller must make the property either (1) residential rental property, not less than 75% of the units of which are affordable to low-income families; or (2) a homeless shelter.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill allows for the nonrecognition of gain on real property sold for affordable housing purposes under specific conditions.

  • Section 1033

    (k) Sales for Use as Affordable Housing.-- (1) In general.--For purposes of this subtitle, if real property is sold or otherwise transferred to a qualified housing operator for use or development by such operator as affordable housing and such property meets the requirements of paragraph (3), such sale or transfer shall be treated as an involuntary conversion to which this section applies. (2) Qualified housing operator.--For purposes of this section, the term 'qualified housing operator' means any of the following: (A) A State or local government, or any political subdivision or instrumentality thereof. (B) A tribally designated housing entity (as such term is defined in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996). (C) A community housing development organization (as such term is defined in section 104 of the Cranston-Gonzalez National Affordable Housing Act). (D) An organization-- (i) described in section 501(c) and exempt from taxation under section 501(a), (ii) the purpose of which includes providing affordable housing, and (iii) which-- (I) has received Federal, State, or local grant funds to develop or operate affordable housing, or (II) is described in section 42(h)(5)(B) with respect to a qualified low-income housing project that is allocated housing credit dollar amounts under section 42. (3) Affordable housing requirement.--The requirements of this paragraph are met with respect to property if such property has, as of the date of the sale or transfer referred to in paragraph (1), a legal restriction or agreement sufficient to obligate any owner to make (at all times during the 30-year period beginning on such date) such property either-- (A) residential rental property (within the meaning of section 168) not less than 75 percent of the units of which are affordable to low-income families and either occupied by or available for use by low-income residents, or (B) a shelter eligible for assistance under title IV of the McKinney-Vento Homeless Assistance Act. (4) Special rule with respect to period within which property must be replaced.--In the case of a sale or transfer described in paragraph (1), subsection (a)(2)(B)(i) shall be applied by substituting '3 years' for '2 years'. (5) Special rule for real property held for productive use in trade or business.--For purposes of subsection (a), if the real property described in paragraph (1) is held for productive use in a trade or business or for investment, property of a like kind to be held either for productive use in a trade or business or for investment shall be treated as property similar or related in service or use to the property so described.

    This creates a new provision for the nonrecognition of gain on properties sold or transferred to qualified housing operators for affordable housing.

  • Section 1033

    subsection (k) → subsection (l)

    This redesignates the previous subsection (k) to (l), making space for the new subsection regarding sales for affordable housing.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing
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Frequently asked questions

What does HR 6011 do?
Affordable and Homeless Housing Incentives Act of 2020 This bill allows nonrecognition of gain, for income tax purposes, from the sale of real property to a qualified housing operator for use or development by such operator as affordable housing. The bill defines qualified housing operator to include a state or local government, a tribally designated housing entity, a community housing development organization, or a tax-exempt entity organized to provide affordable housing and which receives federal, state, or local grants to develop or operate such housing. To be eligible for nonrecognition of gain, the seller must make the property either (1) residential rental property, not less than 75% of the units of which are affordable to low-income families; or (2) a homeless shelter.
Who sponsors HR 6011?
HR 6011 is sponsored by Schiff, Adam B. (Democratic).
What is the current status of HR 6011?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 6011?
Track HR 6011 free on One Click Politics — get push/email alerts when it moves.

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