Keep Housing Affordable Act of 2024

HR 8900, the Keep Housing Affordable Act of 2024, allows owners of qualified low-income housing projects to extend their compliance period for tax credits. Specifically, it adds an election option under Section 42(f) of the tax code, letting taxpayers choose between extending the compliance period to 50 or 30 years (instead of the standard 15 years) for buildings where the election is made. This directly affects owners of low-income housing tax credit properties who want to maintain affordability longer. The bill also adjusts selection criteria for the credit program and exempts refinancing bonds for these extended projects from private activity bond volume caps. The changes apply to buildings placed in service after the bill's enactment.