S 3436
Workforce Housing Tax Credit Act
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Bill overview
The Workforce Housing Tax Credit Act aims to increase the availability of affordable housing for middle-income families by creating a new tax credit. This credit is tied to the ‘qualified basis’ of a building, which is calculated based on the number of middle-income units and the building’s floor space. The credit percentage is determined by the Secretary and is designed to yield a total credit amount over a 15-year period that reflects the building’s initial cost. Existing buildings can qualify for the credit through rehabilitation expenditures, with certain conditions and potential increases in the credit rate for buildings in high-cost areas.
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