Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Working Families Housing Tax Credit Act creates a new federal tax credit to encourage development of affordable rental housing for teachers, firefighters, police officers, veterans, and other working families earning up to 180 percent of area median income. The tax credit covers 50-60 percent of building costs depending on whether the property is new or existing, with state housing agencies distributing credits to qualifying projects that maintain at least 20 percent of units for households earning 60 percent or less of area median income, with rents capped at 30 percent of income. Projects must maintain their affordable housing status for 15 years after the credit period ends, with tenant protections including a three-year prohibition on evictions or rent increases if the affordable housing period terminates early. The bill also authorizes $100 million in grants and below-market-rate loans to rural and exurban areas for infrastructure supporting these housing developments, with preference for clean energy projects. These provisions take effect for buildings placed in service after December 31, 2025.
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