Workforce Housing Tax Credit Act
The Workforce Housing Tax Credit Act creates a new tax credit for developers and owners of middle-income housing projects. The credit equals a percentage (5-20%) of the qualified basis of buildings that meet specific affordability requirements: at least 60% of units must be rent-restricted for households earning 100% or less of area median income. The credit is available for 15 years, with projects required to maintain affordability through a 15-year commitment period. This policy change aims to incentivize the development of housing for middle-income households earning between 60-100% of area median income.
Bill status
in committee
1 of 4 stages cleared
Introduction
Dec 2023
Committee Review
Floor Vote
President
Introduced Dec 7, 2023
Last action Dec 7, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Dec 7, 2023
Committee
Read twice and referred to the Committee on Finance.
upper
Dec 7, 2023
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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