Promoting Submetering for Affordable Housing Act

HR 3126, the Promoting Submetering for Affordable Housing Act, increases tax credits for affordable housing projects that implement water submetering. It adds a 5% credit increase to the eligible basis for buildings with four or more units that use submeters for individual tenant billing and provide tenants access to meter readings within 72 hours of a request. This applies to projects receiving housing credit allocations after the bill's enactment. The law directly affects affordable housing developers and property owners who build or renovate qualifying properties to meet these submetering requirements.