Senator Al Franken (D-MN) recently introduced the “Housing for Homeless Students Act of 2012″ (S 3494) which would amend certain aspects of the Internal Revenue Code of 1986 as it relates to students. Under the “Student Rule”, the LIHTC program currently does not allow full time students to qualify as eligible tenants; the original intent was to prevent the LIHTC program from being used to construct dormitories. Another concern was that college students with temporary low incomes while in school would benefit from a resource meant for individuals and families with more critical housing needs.
S 3494 would amend the LIHTC program to exempt formerly homeless individuals who are full-time students from the “Student Rule”. Senators Patty Murray (D-WA) and Robert Menendez (D-NJ) are co-sponsors of the bill; a similar bill, HR 3076, was introduced last year in the House of Representatives by Representatives Jim McDermott (D-WA) but has yet to pass. The bill has been referred to the Senate Committee on Finance.
Click here to read S 3494.
Click here to read H 3076.
