Working Families Housing Tax Credit Act

Bill 119 HR 893, also known as the Working Families Housing Development Credit Act, aims to amend the Internal Revenue Code of 1986 to provide a tax credit for working families to assist with housing development. The bill is designed to help low and moderate-income families afford safe and stable housing by incentivizing developers to create affordable housing options.

The tax credit would be available to developers who build or rehabilitate housing units specifically designated for working families. The credit would be based on the number of units created or renovated, as well as the affordability of the units. This credit would help offset the costs associated with developing affordable housing, making it more financially feasible for developers to invest in these projects.

In addition to providing financial support for housing development, the bill also includes provisions to ensure that the housing units meet certain quality and safety standards. This includes requirements for energy efficiency, accessibility, and compliance with local building codes. Overall, the Working Families Housing Development Credit Act aims to address the growing need for affordable housing in the United States, particularly for working families who may struggle to afford housing in high-cost areas. By providing a tax credit to developers who create affordable housing options, the bill seeks to increase the availability of safe and stable housing for low and moderate-income families.