Middle Income Housing Tax Credit Act of 2018 Introduced

On August 22, Sen. Ron Wyden, (D-OR), introduced the Middle Income Housing Tax Credit Act of 2018, legislation that would create a 15-year tax credit for 50% of qualifying costs, or a minimum 5% per year. The credit would apply to property where at least 60% of units are occupied by residents with incomes of 100% or less of the area median gross income. Wyden’s office indicated this credit would build on the successful LIHTC 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 introduced similar legislation in 2016.

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