Workforce 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
This bill, the Workforce Housing Tax Credit Act, aims to increase the availability of affordable housing by creating a tax credit for middle-income housing projects. It establishes a ‘middle-income housing credit’ that’s tied to the ‘qualified basis’ of the building and is influenced by the Secretary of Housing and Urban Development’s percentages. The credit is designed to be available over a 15-year period and includes provisions to incentivize rehabilitation and prioritize projects in high-cost areas, with specific rules for existing buildings and related party acquisitions.
Key provisions
- Establishes a ‘middle-income housing credit’ linked to the qualified basis of a building.
- Sets ‘applicable percentages’ determined by the Secretary, aiming to provide credit amounts over a 15-year period.
- Provides a minimum credit rate of 5% for new buildings and 2% for federally subsidized buildings.
- Offers an increased credit rate (130%) for rehabilitation expenditures in designated ‘qualified census tracts’ or ‘difficult development areas’.
- Includes specific rules for determining the ‘qualified basis’ of a building, considering factors like unit composition and rehabilitation.
- Requires an ‘extended middle-income housing commitment’ to ensure a building remains affordable for the duration of the credit period.
- Provides a special rule for buildings acquired from insured depository institutions in default.
- Allows for a credit to be allocated to existing buildings acquired before the end of the prior credit period.
Bill text
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Sponsors
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