US SB1515

Increases state Low-Income Housing Tax Credit allocations to $4.25 per capita in 2025, rising by 25% in 2026 with annual inflation adjustments, and raises the minimum state allocation from $2 million to $4,876,000

Expands tenant eligibility by applying the average income test to tax-exempt bond projects, modifying student occupancy rules with exceptions for veterans, married individuals, and victims of domestic violence, and requiring LIHTC properties to protect domestic abuse victims from lease termination

Enhances credit amounts for projects serving extremely low-income households (30% of area median income) with 150% basis boost, allows bond-financed projects to qualify for the 130% basis increase, and lowers the tax-exempt bond financing threshold from 50% to 25%

Designates all Indian areas and rural areas identified in state allocation plans as difficult development areas eligible for enhanced credits, and requires state plans to consider affordable housing needs of tribal members

Renames the program the "Affordable Housing Tax Credit," extends casualty loss reconstruction periods to 25 months (37 months for federally declared disasters), repeals the qualified census tract population cap, and increases the difficult development area population cap from 20% to 30%