S.1676 - Affordable Housing Preservation and Revitalization Act of 2009111th Congress (2009-2010)
Summary: S.1676 — 111th Congress (2009-2010)
Introduced in Senate (09/16/2009)
Affordable Housing Preservation and Revitalization Act of 2009 - Amends the United States Housing Act of 1937 to direct the Secretary of Housing and Urban Development (HUD) to ensure that funds in the residual receipts account of an eligible multifamily housing property are transferred, at the time of a qualified sale or exchange, to preservation entities.
Requires that funds in the residual receipts account be used, subject to housing agency approval, to: (1) pay for rehabilitation costs approved by the housing agency; (2) deposit funds into the property's replacement reserve account; and (3) pay for social and other services, associated acquisition costs, and any other costs that have been approved by the housing agency and will directly benefit such tenants.
Defines "preservation entity" as: (1) a nonprofit tax-exempt corporation; or (2) a limited partnership or limited liability company where the sole general partner or sole managing member of such ownership entity is a nonprofit tax-exempt corporation; and (3) that has the capacity to acquire and preserve an eligible multifamily housing property.
States that, for purposes of the low-income housing credit under the Internal Revenue Code, residual receipts used or transferred under this Act shall not be considered federal funds.