Keep Housing Affordable Act of 2024

This Act may be cited as the Keep Housing Affordable Act of 2024 .

(a) In general. Section 42(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Election to extend compliance period (A) In general A taxpayer may elect, in the first taxable year following the end of the compliance period with respect to a building, to apply subsection (i)(1) by— (i) substituting 50 taxable years beginning with the 1st taxable year after an election is made with respect to such building under subsection (f)(6)(A) for 15 taxable years beginning with the 1st taxable year of the credit period , or (ii) substituting 30 taxable years beginning with the 1st taxable year after an election is made with respect to such building under subsection (f)(6)(A) for 15 taxable years beginning with the 1st taxable year of the credit period . (B) Credit period after election In the case of a building with respect to which an election is made under subparagraph (A), the term credit period shall include the 15-year period beginning on the first day of the first taxable year with respect to which such election is made. (C) Limitation A taxpayer may not make an election under subparagraph (A) with respect to a building with respect to which an election has been made under clause (ii) of such subparagraph in any preceding taxable year. (D) Treated as placed in service For purposes of this section, a building with respect to which a taxpayer makes an election under subparagraph (A) shall be treated as being placed in service on the date on which such election is made. .

(b) Inclusion in selection criteria. Section 42(m)(1)(C) of such Code is amended by striking and at the end of clause (ix), by striking the period at the end of clause (x) and inserting , and , and by adding at the end the following new clause: (xi) projects with respect to which an election has been made under subsection (f)(6)(A). .

(c) Exception from private activity bonds volume cap. Section 146(g) of such Code is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph (6), and by inserting after paragraph (6) the following new paragraph: (7) any bond used to refinance a qualified low-income building (as defined in section 42(c)) during the compliance period of such building if such compliance period was extended at the election of the taxpayer under section 42(f)(6)(A). .

(d) Effective date. The amendment made by this section shall apply to buildings placed in service after the date of the enactment of this Act.