Workforce Housing Tax Credit Act

The Workforce Housing Tax Credit Act creates a new tax credit for developers of middle-income housing projects. It allows taxpayers to claim a tax credit equal to a percentage of the building's qualified basis, with higher rates for projects in rural or high-cost areas. To qualify, projects must have at least 60% of units rent-restricted for tenants earning up to 100% of area median income. Developers must maintain middle-income status for 15 years through binding agreements with housing credit agencies. This credit aims to incentivize the development of affordable housing for middle-income households.