Tax Credits for Older Adult Renters

Legislation | November 06, 2018 | by Linda Couch

On October 11, Senator Dean Heller (R-NV) introduced legislation to establish a tax credit for landlords who provide affordable housing to certain adults age 55 and older.

 

The bill, the “Seniors Affordable Housing Tax Credit Act,” would allocate $1.75 per capita to states to distribute to landlords who provide affordable housing for older adults. The “rent credit” would go to owners of buildings, including those financed by Low Income Housing Tax Credits, where older adults 55 and older with incomes below either 30% of the area median or the applicable poverty line for a family of the size involved pay no more than 30% of their income for housing. The rent credit would equal the difference between the affordable rents paid by tenants and the Fair Market Rent.

Upon introduction of the bill, S. 3580, Senator Heller said, “As I travel across the state, I continue to hear from Nevada’s seniors who say that they can’t keep up with the rising cost of housing, especially for their rental properties. We need solutions, and my legislation will benefit both renters and homeowners by promoting affordable housing options that reflect the unique needs of our seniors. I urge my colleagues on both sides of the aisle to support this common sense proposal to help communities in Nevada and across the country work to combat the affordable housing crisis.”