Senate Finance Committee Ranking Member Ron Wyden (D-OR) recently announced plans to introduce a tax credit in September for the development of workforce housing. According to Wyden, the tax credit will be modeled after the LIHTC, “the Federal Government’s highlight successful program that encourages the development and rehabilitation of affordable rental housing for low-income families.”

He added that the workforce housing tax credit will target families who earn too much to qualify for the LIHTC yet do not make enough to reasonably afford housing. The new tax credit “picks up where this program ends, helping middle income Americans.”