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Tax Credit for Developing Affordable Rental Housing for Middle-Income Workers

This Act establishes a new tax credit to incentivize developers to build or renovate rental housing specifically for middle-income individuals (earning up to 100% of the area median income). The goal is to address housing needs for individuals who do not qualify for low-income assistance. These units will feature long-term rent restrictions.
Key points
Creates a "Middle-Income Housing Credit" to boost the supply of rental units affordable to individuals earning up to 100% of AMI.
Rents in qualifying units must be restricted, generally capped at 30% of the imputed income limit, for an extended use period (ending 15 years after the close of the credit period).
State agencies will allocate the credit amount based on qualified allocation plans and project feasibility.
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Additional Information
Print number: 118_S_3436
Sponsor: Sen. Wyden, Ron [D-OR]
Process start date: 2023-12-07
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Workforce Housing Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3436.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-12-07.

What are the main provisions?

Key points include:

  • Creates a "Middle-Income Housing Credit" to boost the supply of rental units affordable to individuals earning up to 100% of AMI.
  • Rents in qualifying units must be restricted, generally capped at 30% of the imputed income limit, for an extended use period (ending 15 years after the close of the credit period).
  • State agencies will allocate the credit amount based on qualified allocation plans and project feasibility.
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 Sen. Wyden, Ron [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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