LIHTC Landlord Accountability Act of 2024 Low Income Housing Tax Credit Landlord Accountability Act of 2024
The implementation of HB7110 is significant as it enforces stricter conditions for landlords receiving tax incentives under the Low Income Housing Tax Credit program. With the bill mandating that property owners conduct physical condition assessments, including detailed evaluations of both structural and health aspects, it aims to improve the overall quality of living conditions for tenants in these buildings. Through enhanced reporting requirements to Congress, the bill seeks greater transparency and accountability in the management of low-income housing.
House Bill 7110, also known as the Low Income Housing Tax Credit Landlord Accountability Act of 2024, seeks to amend the Internal Revenue Code of 1986 by instituting mandatory building inspections for certain qualified low-income buildings. This legislation aims to ensure that these properties meet established local, state, federal, and tribal laws related to safety, habitability, and environmental protection. By requiring compliance checks, the bill directly addresses concerns regarding the condition of housing units that benefit from low-income tax credits.
Notable points of contention surrounding HB7110 include debates over the potential burdens it could place on landlords, particularly smaller property owners who may struggle with the costs of compliance. Advocates argue that the bill is crucial for protecting vulnerable tenants from unsafe living conditions, while opponents express concerns that increased regulations could deter investment in low-income housing. The discussions thus reflect a broader dialogue on balancing tenant protections with the economic realities of property management in this sector.