Legislation has been introduced to establish a Workforce Housing Tax Credit (WHTC) that aims to increase the supply of housing for middle-income families.
Building on the success of the low-income housing tax credit (LIHTC), the proposed credit, which has also been called the middle-income housing tax credit (MIHTC), would finance an estimated 344,000 rental homes.
“Right now, America’s nurses, firefighters, and teachers are struggling to find affordable housing near the communities they serve. More must be done to fill the ‘missing middle’ between low-income housing and million-dollar homes,” said Senate Finance Committee chair Ron Wyden (D-Ore.). “Establishing a middle-income tax credit will guarantee more housing, and the flexibility our bill provides will help housing finance agencies best meet the needs of their individual communities.”
Wyden introduced the legislation along with Sen. Dan Sullivan (R-Alaska), Rep. Jimmy Panetta (D-Calif.), and Rep. Mike Carey (R-Ohio).
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