Bipartisan Workforce Housing Tax Credit Act Introduced

More federal funding could be coming for developers of affordable housing. The Workforce Housing Tax Credit Act, a bipartisan effort from the U.S. House and Senate, would establish a new tax credit to produce affordable rental housing for households earning 100% or less of the area median income (AMI). The bill would also allow projects to leverage both LIHTC and the proposed workforce housing credit, which would enable developers to serve a broader income range within a project. And recognizing the diverse affordable housing challenges within each state, and to ensure the proposed workforce housing credit does not divert resources from LIHTC, states would have the option to convert workforce housing credits to LIHTCs.

Source: https://www.nahb.org/blog/2023/12/bipartisan-workforce-housing-tax-credit-act-introduced