Plain English Breakdown
The bill is enacted but only effective for up to 90 days; permanent status depends on future legislative action not included in this document.
LIHTC Rent Stabilization Exemption Clarification Emergency Amendment Act of 2025
This emergency law changes the Rental Housing Act to clearly state that rental units where providers receive Low-Income Housing Tax Credits are exempt from rent stabilization rules.
What This Bill Does
- Amends Section 205(a)(1) of the Rental Housing Act of 1985 on an emergency basis.
- Removes a specific phrase defining which units qualify for exemptions and replaces it with new text.
- Adds language to exempt rental units where housing providers receive tax credits under the Low-Income Housing Tax Credit Program.
- References definitions found in section 2(5) of the Low-Income Housing Tax Credit Fund Act of 2004.
Who It Names or Affects
- Rental housing providers who receive tax credits under the Low-Income Housing Tax Credit Program.
- Tenants living in rental units that participate in this specific tax credit program.
- District agencies responsible for enforcing rent stabilization rules.
Terms To Know
- Low-Income Housing Tax Credit (LIHTC) Program
- A program defined by the Low-Income Housing Tax Credit Fund Act of 2004 that provides tax credits to housing providers.
- Rent Stabilization Program
- Rules under the Rental Housing Act of 1985 that apply rent limits to certain buildings, unless an exemption applies.
Limits and Unknowns
- This act is an emergency measure and will remain in effect for no longer than 90 days after approval.
- The official text does not specify a permanent effective date beyond the initial 90-day period.