1. Short title This Act may be cited as the Seniors Affordable Housing Tax Credit Act . 2. Low-income seniors rent credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45T. Low-income seniors rent credit (a) Determination of credit amount (1) In general For purposes of section 38, the amount of the low-income seniors rent credit determined under this section for any taxable year is the sum of the amounts determined under paragraph (2) for all qualified buildings with a credit period which includes months occurring during the taxable year. (2) Qualified building amount The amount determined under this paragraph with respect to any qualified building for any taxable year shall be an amount equal to the lesser of— (A) the aggregate rental reduction amounts for all eligible senior units within such building for months occurring during the taxable year which are within the credit period for such building, or (B) the rental reduction credit amount allocated to such building for such months. (3) Qualified building For purposes of this section, the term qualified building means any building which is residential rental property (as defined in section 168(e)(2)(A)) of the taxpayer with respect to which— (A) a rental reduction credit amount has been allocated by a rental reduction credit agency of a State, and (B) a qualified rental reduction agreement is in effect. A building shall not fail to be treated as a qualified building merely because a credit was allowed under section 42 with respect to such building or there was any other Federal assistance in the construction or rehabilitation of such building. (b) Rental reduction amount For purposes of this section— (1) In general The term rental reduction amount means, with respect to any eligible senior unit for any month, an amount equal to the applicable percentage (as determined under subsection (d)(1)) of the excess of— (A) the applicable standard fair