The bill, introduced by Senator Ron Wyden (D-Ore.) on September 22, 2016, models after the Low-Income Housing Tax Credit, one key difference being income restrictions, which are set at 100 percent or less of area median income. The credit would provide 50% of qualified basis.
The bill is currently without co-sponsors, although this is not surprising considering it was recently introduced and the fact that the Senate has been consumed with passing a continuing resolution to avoid a government shutdown after September 30. Furthermore, it is unlikely the bill would become law during the current session of Congress – as there is a chance tax reform generally may be dealt with after the elections.
The bill has received both support and opposition from the housing world.
NH&RA discussed workforce housing at this year’s Summer Institute and the conversation will continue at the Fall Forum in Boston on November 1st.
