Plain English Breakdown
The official source material does not provide specific details on the fiscal impact statement, effective dates, or expiration periods beyond mentioning them briefly.
LIHTC Rent Stabilization Exemption Clarification Temporary Amendment Act of 2025
This act temporarily amends the Rental Housing Act to clarify that rental units participating in the Low-Income Housing Tax Credit Program are exempt from rent stabilization rules.
What This Bill Does
- Amends Section 205(a)(1) of the Rental Housing Act of 1985 to include rental units receiving tax credits under the Low-Income Housing Tax Credit (LIHTC) program as exempt from rent stabilization requirements.
Who It Names or Affects
- Owners of rental units participating in the Low-Income Housing Tax Credit Program
Terms To Know
- Low-Income Housing Tax Credit (LIHTC) Program
- A federal program that provides tax credits to developers who build or rehabilitate affordable housing for low-income residents.
- Rent stabilization
- Rules set by a government to limit how much landlords can raise rent each year, protecting tenants from sudden and large rent increases.
Limits and Unknowns
- The act is temporary and will expire after 225 days.
- It only affects rental units participating in the LIHTC program.