Legislation Introduced to Repeal Qualified Contract Option

The Save Affordable Housing Act of 2019 was introduced on June 25, 2019. The legislation was introduced by Sens. Ron Wyden (D-OR), Todd Young (R-IN), Ben Cardin (D-MD) and Sherrod Brown (D-OH) and includes a provision to eliminate the qualified contract option for future credit allocations. It also would retroactively amend the formula for existing properties changing the FMV price for which a LIHC property can be purchased. An identical bill was introduced in the House.

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