Sen. Wyden Introduces Middle Income Housing Tax Credit Act of 2018

Sen. Ron Wyden, D-Ore., today introduced the Middle Income Housing Tax Credit Act of 2018, legislation that would create a 15-year tax credit for 50 percent of qualifying costs, or a minimum 5 percent per year. The credit would apply to property where at least 60 percent of units are occupied by residents with incomes of 100 percent or less of the area median gross income. A press release from Wyden’s office highlights that the middle-income housing tax credit would build on the successful low-income housing tax credit model, with funds allocated to states based on population and a competitive process to allocate tax credits to developers. The legislation calls for an allocation of $1 per capita in 2019 with a $1.14 million small-state minimum. For rural areas, the per-capita allocation would be $1.05. Wyden’s office also released a fact sheet on the bill. Wyden introduced similar legislation in 2016. Wyden today also introduced a bill to provide first-time homebuyers up to a $10,000 refundable tax credit.