Working Families Housing Tax Credit Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Working Families Housing Tax Credit Act aims to expand a current tax credit designed to encourage the development of affordable housing for essential workers like teachers, firefighters, and veterans. It seeks to improve the effectiveness of the existing Working Families Housing Tax Credit by adjusting the credit percentages and potentially increasing eligibility for certain types of buildings. The bill focuses on ensuring that housing remains affordable for these groups by providing financial incentives to developers.
Key provisions
- Increases the applicable percentage of the Working Families Housing Tax Credit for new buildings.
- Establishes a minimum credit rate of 5% for non-federally subsidized buildings and 2% for federally subsidized buildings.
- Expands eligibility for the credit to include certain rehabilitation expenditures, treating them as a separate new building.
- Provides an increased credit percentage (130%) for buildings located in ‘difficult development areas’ (designated by HUD).
- Offers a longer credit period (15 years) for qualifying buildings.
- Includes provisions for extending the credit period through ‘extended working families housing commitments’.
- Allows for a waiver of certain recertifications of tenant income.
- Provides for a special rule regarding the acquisition of buildings before the end of the prior credit period.
Who is affected
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