Working Families Housing Tax Credit Act

Sponsor: Patrick Ryan (Democratic-NY)January 31, 2025

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Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Creates a new tax credit to build and improve housing for working families.

This bill would create a new tax credit to encourage developers to build or fix up rental housing for working families. It aims to make more affordable homes available for people like teachers and first responders by offering tax breaks to those who provide such housing, especially in areas with high costs or in rural communities. The bill also sets aside money for infrastructure projects in rural and exurban areas to support these new developments.

What Would Change

This bill would create a new "Working Families Housing Tax Credit" to provide tax incentives for developers to build or renovate rental housing for a broader range of middle-income working families. It would also provide new federal funding for infrastructure in rural and exurban areas to support these housing projects.

Key Provisions

Creates a new tax credit for developers who build or rehabilitate rental housing for working families.
Requires at least 40% of units in a project to be rent-restricted for working families, with an average tenant income limit of 100% of the area median income.
Requires at least 20% of units to be rent-restricted for lower-income individuals (60% of area median income).
Sets aside $100 million to pay for grants and low-interest loans for local governments to build infrastructure in rural and exurban areas.
Requires construction workers on projects receiving the tax credit or infrastructure funding to be paid prevailing wages.
Mandates that housing projects receiving the credit commit to keeping units affordable for an extended period, typically 30 years.

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HR 893 · 119th Congress · January 31, 2025 · AI Summary by gemini-2.5-flash · 4/10

Working Families Housing Tax Credit Act

What Would Change

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