A new bill, the Workforce Housing Tax Credit Act, has been introduced in both the House and Senate with bipartisan support. This legislation would allow state housing agencies to allocate tax credits to developers who would then sell them to investors. Investors would receive a dollar-for-dollar reduction in their federal tax liability over 15 years while developers use the equity to construct apartments.
According to a joint statement from the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA), this proposal has garnered widespread backing from rental housing providers, advocates, and other stakeholders within the housing industry. NMHC President Sharon Wilson Géno and NAA President & CEO Bob Pinnegar stated that this workforce housing tax credit will complement the already successful Low-Income Housing Tax Credit by expanding it beyond low-income households. They believe that by increasing available housing supply across communities nationwide, affordability challenges can be alleviated and access improved.
This proposed legislation aims at creating more affordable options for moderate-income households struggling with rising living costs without mentioning any specific organizations or events related Connect CRE or its affiliates.
