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Working Families Housing Tax Credit Act
3/1/2025, 6:08 AM
Summary of Bill HR 893
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.
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.
Read the Full Bill
Current Status of Bill HR 893
Bill HR 893 is currently in the status of Bill Introduced since January 31, 2025. Bill HR 893 was introduced during Congress 119 and was introduced to the House on January 31, 2025. Bill HR 893's most recent activity was 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. as of January 31, 2025
Bipartisan Support of Bill HR 893
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 893
Primary Policy Focus
Alternate Title(s) of Bill HR 893
To amend the Internal Revenue Code of 1986 to provide a credit for working families housing development, and for other purposes.
To amend the Internal Revenue Code of 1986 to provide a credit for working families housing development, and for other purposes.
Comments
Sponsors and Cosponsors of HR 893
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