Low Income Housing for Defense Communities Act

[AI summary unavailable — showing source text] Low Income Housing for Defense Communities Act This bill broadens the exclusion of amounts received by members of the Armed Forces as a basic allowance for housing from income for purposes of meeting the income requirements of the low-income housing tax credit (LIHTC). This bill also increases the basis of properties developed within 15 miles of large military installations, generally making the developer of the property eligible for a larger LIHTC. Under current law, to be eligible for the LIHTC, properties must rent a percentage of units to individuals with incomes equal to or less than a percentage of an area’s median gross income (often referred to as the set-aside test). For purposes of calculating an individual’s income to determine if it is equal or less than an area’s median gross income, the basic allowance for housing received by members of the Armed Forces is excluded only if the property is in a specific location that meets requirements related to population growth for a defined time period.  This bill excludes amounts received by members of the Armed Forces as a basic housing allowance in determining their income and eligibility for low-income housing, without res…