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Wyden Releases Middle-Income Housing Tax Credit Draft Legislation

Thursday, September 22, 2016 - 10:15AM

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released draft legislation that would create a tax credit for the development of rental homes affordable for families with incomes that fall between 60 percent and 100 percent of the area median gross income (AMGI). The proposed middle-income housing tax credit (MIHTC) would work in conjunction with the low-income housing tax credit (LIHTC), which provides housing for residents earning 60 percent and less of the AMGI. As currently envisioned, a state’s unused MIHTC dollars would be returned to the existing pool of funding for LIHTC. Wyden invited comments on the draft legislation; responses may be incorporated into legislation that Wyden will introduce.

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