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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.”
- ◦Policy/Gov't
