On October 12, U.S. Senator Dean Heller (R-NV) introduced the Seniors Affordable Housing Tax Credit Act (S. 3580), legislation he authored to incentivize housing owners and developers to rent to low-income seniors. Heller’s proposed legislation would create a tax credit program that allocates credits to states, which, in turn, would be awarded to owners and developers who choose to rent their properties to low-income seniors. Under the Seniors Affordable Housing Tax Credit Act, those seniors who belong to renters’ credit units would pay no more that 30 percent of their income for rent and utilities, and the rental unit’s owner would receive a federal tax credit, based on the state’s determination, as compensation for any potential loss. The measure has been referred to the Senate Finance Committee and has no additional co-sponsors.
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