H.R. 2887 would amend the Internal Revenue Code of 1986 to provide an incentive to preserve affordable housing in multifamily housing units which are sold or exchanged.
Detailed Summary
Affordable Housing Preservation Tax Relief Act of 2009 - Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of certain multifamily housing property to a housing credit agency or related organization (preservation entity) that agrees to maintain certain affordability and use restrictions for such property. Limits the excludable amount of such gain to the depreciation adjustments for such property.
Status of the Legislation
Latest Major Action: 6/16/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
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