NAA and NMHC Applaud Introduction of the Workforce Housing Tax Credit Act to Improve Housing Affordability

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ARLINGTON, Va. | (Real Estate Wire) – The National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) applaud the introduction of the Workforce Housing Tax Credit Act by Representatives Mike Carey (R-Ohio-15) and Jimmy Panetta (D-Calif.-19), legislation that would expand the supply of housing available to moderate-income households struggling with the rising cost of housing. 

and NMHC have long championed the Workforce Housing Tax Credit as a critical tool for addressing the nation's housing affordability challenges and today led a coalition of rental housing organizations in sending a letter of support to Congress urging passage of the legislation. 

"Across communities nationwide, housing affordability is the defining issue for many Americans and their families – particularly the middle-income workers that keep our cities and towns running," said NAA President and CEO Bob Pinnegar. "This important legislation would directly incentivize the construction of workforce housing, in turn increasing supply and lowering costs. NAA thanks Reps. Mike Carey (R-Ohio-15) and Jimmy Panetta (D-Calif.-19) for their steadfast leadership on this timely and innovative initiative." 

 

"NMHC strongly supports Reps. Panetta and Carey's introduction of the Workforce Housing Tax Credit Act," said NMHC president Sharon Wilson Géno. "Building on the immensely successful Low-Income Housing Tax Credit, the Workforce Housing Tax Credit would extend critical support to moderate-income households who are struggling with housing costs. Together, both tax credits will help grow the supply of housing across communities nationwide and move us closer to the affordability solutions that American renters urgently need." 

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