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Middle-Income Housing Tax Credit: Supporting Affordable Housing Development

This act introduces a new tax credit to encourage the construction and renovation of housing affordable for middle-income individuals. The goal is to increase the supply of reasonably priced homes, potentially making it easier for many families to find suitable living arrangements.
Key points
A new tax credit for developers and building owners who create housing for middle-income individuals.
Support for housing projects where at least 60% of units are designated for individuals earning up to 100% of the area's median gross income.
Additional incentives for construction in high-cost areas or rural regions.
Requirement for long-term commitment to keep units affordable, ensuring availability for many years.
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Additional Information
Workforce Housing Tax Credit Act
Print number: HR 6686
Sponsor: Rep. Panetta, Jimmy [D-CA-19]
Process start date: 2023-12-07