Bill > HR893

This bill establishes a new Working Families Housing Tax Credit to encourage the development of affordable housing for working Americans, particularly teachers, firefighters, police officers, and veterans. The bill creates a tax credit mechanism that incentivizes developers to build and maintain rental housing for working families with moderate incomes. Specifically, the credit allows developers to claim a percentage of a building's qualified basis over a 15-year period, with higher credits for buildings in high-cost areas or rural regions. To qualify, projects must ensure that at least 40% of residential units are occupied by individuals earning between 60-180% of the area's median income, with an average income limit of 100%. The bill includes detailed provisions about how the credit is calculated, allocated, and administered, including requirements for long-term affordability, tenant protections, and reporting. Additionally, the bill includes a separate grant and loan program to support infrastructure projects in rural and exurban areas that are associated with qualified working families housing projects, with $100 million authorized for this purpose. The tax credit is designed to complement existing affordable housing programs and provide additional support for working families seeking quality, affordable housing.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/893/all-info