H.R. 893: Working Families Housing Tax Credit Act
The Working Families Housing Tax Credit Act proposes changes to the Internal Revenue Code aimed at encouraging the development of affordable housing specifically for working families such as teachers, firefighters, and veterans. The key components of the bill include:
Establishment of a Tax Credit
The bill introduces a new tax credit that is designed to promote and support the construction and development of affordable housing. The initiative is targeted particularly at families with lower incomes that contribute to the community.
Criteria for Qualified Buildings
To be eligible for the tax credit, the bill sets forth definitions and requirements for what constitutes a "qualified building." This includes:
- Conditions for tax benefits that focus on project feasibility.
- Requirements regarding agency allocations to ensure compliance with low-income housing project standards.
- Commitments to maintain affordability over an extended period.
Process for Credit Determination
The bill establishes a systematic process for determining eligibility for the housing credits. Key elements include:
- Requiring taxpayers to certify subsidies prior to applying for credits.
- Mandating the Secretary of the Treasury to develop regulations that apply to various scenarios involving credit allocations.
- Enforcement of compliance regulations to ensure projects meet necessary standards.
Funding for Clean Energy Infrastructure
In addition to affordable housing development, the bill allocates $100 million for grants aimed at supporting infrastructure enhancements that incorporate clean energy solutions within housing projects. This is intended to promote sustainability in new developments.
Overall Goals
The overarching goal of the Working Families Housing Tax Credit Act is to address the need for affordable housing in a sustainable way while ensuring that benefits target working families who may struggle with current housing costs.
Relevant Companies
- PHM - PulteGroup, Inc.: As a home construction company, PulteGroup may see increased opportunities for development projects benefiting from the tax credits established by this bill.
- DHI - D.R. Horton, Inc.: Another major homebuilder that could be directly affected by changes in incentives for affordable housing projects.
- TOL - Toll Brothers, Inc.: The high-end homebuilder may also pivot towards more affordable housing projects if tax incentives make them viable.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
1 sponsor
Actions
2 actions
| Date | Action |
|---|---|
| Jan. 31, 2025 | Introduced in House |
| Jan. 31, 2025 | 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. |
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