To amend the Internal Revenue Code of 1986 to provide an elective exception from the volume cap on tax-exempt bonds for certain exempt facility bonds for qualified residential rental projects, and for other purposes.
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Summary
Based on the bill's title, this measure would amend the Internal Revenue Code to allow certain qualified residential rental projects to be exempt from the volume cap that normally limits tax-exempt bond issuance. Tax-exempt bonds are a financing tool used to fund affordable housing and other projects; the volume cap restricts how many such bonds states and localities can issue annually. The bill would create an elective exception for specific exempt facility bonds used in residential rental housing projects.
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