Section 1. Short title
This Act may be cited as the Accelerated Supply of Affordable Production Housing Act or the ASAP Housing Act.
(a) In general
Section 146(g) of the Internal Revenue Code of 1986 is amended—
(1) in paragraph (5), by striking and at the end,
(2) in paragraph (6), striking the period at the end and inserting, and, and
(3) by inserting after paragraph (6) the following new paragraph:
(7) any bond—
(A) to finance the preservation, improvement, or development of affordable rental housing buildings in which 100 percent of units are affordable for low-income households, and
(B) which is issued during the period of calendar years 2025 through 2034.
(b) Coordination with low-Income housing credit
Section 42(h)(4)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting or is described in subsection (g)(7) of such section after section 146.
(c) Effective date
The amendments made by this section shall apply to bonds issued after December 31, 2024.