Low-Income Housing Credit bill

Amends the Internal Revenue Code to make the low-income housing credit permanent.

Modifies provisions concerning unused housing credit carryovers by States to allow States to carry over more unused credits from year to year.

Provides that a unit shall not fail to be treated as low-income because it is occupied by students or persons enrolled in job training programs under the Job Training Partnership Act.

Authorizes the Secretary of the Treasury to waive: (1) any recapture of credit (required to be included in tax) in the case of any de minimis error in complying with tests for qualified low-income housing projects; or (2) any annual recertification of tenant income if the entire building is occupied by low-income tenants.

Determines the adjusted basis of any building (for purposes of the low-income housing credit) by taking into account the adjusted basis of the property used in community activity facilities if: (1) such facilities are designed to serve individuals meeting income requirements for the housing project; and (2) not more than 20 percent of the aggregate eligible basis of all buildings in the project is attributable to the aggregate basis of such facilities.

Applies at-risk rules to low-income housing credit property that also qualifies for the historic site rehabilitation credit and to qualified lenders.

Adds conditions prohibiting discrimination against Section 8 tenants for purposes of meeting extended low-income housing commitments required to receive credits.