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Tax Credit for Developing Quality Rental Housing for Working Families

This Act establishes a new tax credit to incentivize the building or renovation of rental housing specifically for working families. Citizens can anticipate an increase in the supply of moderately priced rental units, particularly in rural and exurban areas. The legislation also authorizes grants and loans for essential infrastructure projects (roads, utilities) connected to these housing developments.
Key points
Creation of the Working Families Housing Tax Credit (WFHTC) for buildings where the average imputed income limitation does not exceed 100% of area median gross income, with individual unit limits up to 180%.
Requires at least 40% of residential units in a project to be rent-restricted and occupied by working families.
Increases the eligible basis by 30% for projects located in high-cost areas (Difficult Development Areas).
Authorizes $100 million for grants and below-market-rate loans to local governments in rural and exurban areas for infrastructure projects (electricity, water, roads) supporting these housing developments.
Mandates prevailing wage requirements for construction workers on projects utilizing this tax credit.
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Expired
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Additional Information
Print number: 118_HR_9380
Sponsor: Rep. Ryan, Patrick [D-NY-18]
Process start date: 2024-08-16
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Working Families Housing Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9380.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-08-16.

What are the main provisions?

Key points include:

  • Creation of the Working Families Housing Tax Credit (WFHTC) for buildings where the average imputed income limitation does not exceed 100% of area median gross income, with individual unit limits up to 180%.
  • Requires at least 40% of residential units in a project to be rent-restricted and occupied by working families.
  • Increases the eligible basis by 30% for projects located in high-cost areas (Difficult Development Areas).
  • Authorizes $100 million for grants and below-market-rate loans to local governments in rural and exurban areas for infrastructure projects (electricity, water, roads) supporting these housing developments.
  • Mandates prevailing wage requirements for construction workers on projects utilizing this tax credit.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Ryan, Patrick [D-NY-18].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Real Estate Public Investments