Bill to Create Workforce Housing Tax Credit Introduced in House, Senate
The Workforce Housing Tax Credit Act was introduced in the House and Senate Thursday with support from members of both parties. It would enable state housing agencies to issue credit allocations to developers that would subsequently be sold to investors. In turn, investors would receive a dollar-for-dollar reduction in their federal tax liability over a 15-year period, and developers would invest the equity to build apartments.
In a joint statement, the National Multifamily Housing Council and the National Apartment Association said the bipartisan proposal has broad support from rental housing providers, advocates and other stakeholders across the housing ecosystem.
“The Workforce Housing Tax Credit would complement the widely successful Low-Income Housing Tax Credit by expanding it to include moderate-income households that are also facing rising housing costs,” said NMHC president Sharon Wilson Géno and NAA president and CEO Bob Pinnegar. “It would help increase the supply of housing available in communities across the country which, in turn, will ease affordability challenges and increase housing access.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).