On October 11, Senate Finance Committee member Dean Heller, R-NV, introduced Seniors Affordable Housing Tax Credit Act S. 3580. This Act would establish a tax credit for owners of multifamily rental property renting to extremely low-income seniors. The credits would be used to cover the difference between the household’s rent, at the lessor of 30% of the household’s income OR the fair market rent and the rent the owner would otherwise charge for a comparable unit. Eligibility would be limited to households earning no more than the greater of 30% of AMGI or the poverty level and at least 1 household member must be at least 55.
Renters Tax Credit for Seniors
