Plain English Breakdown
Checked against official source text during the last sync.
Temporary Clarification on Rent Rules for Tax Credit Homes
This law temporarily clarifies that rental units receiving Low-Income Housing Tax Credits are exempt from rent stabilization rules in Washington, D.C.
What This Bill Does
- Amends the Rental Housing Act of 1985 on a temporary basis to clarify exemptions.
- Updates legal definitions so that rental units where providers receive tax credits under the Low-Income Housing Tax Credit Program are exempt from rent stabilization.
- Sets an expiration date for this change after it has been in effect for 225 days.
Who It Names or Affects
- Housing providers who receive Low-Income Housing Tax Credits
- Tenants living in rental units that participate in the tax credit program
Terms To Know
- Low-Income Housing Tax Credit Program (LIHTC)
- A program where housing providers receive tax credits, as defined by the Low-Income Housing Tax Credit Fund Act of 2004.
- Rent Stabilization
- Rules under the Rental Housing Act of 1985 that limit rent increases for certain apartments in Washington, D.C.
Limits and Unknowns
- This law expires automatically after 225 days from when it takes effect.
- The exact start date depends on approval by the Mayor and a required 30-day period of congressional review.