Working Families Housing Tax Credit Act

The Working Families Housing Tax Credit Act creates a new tax credit to encourage the development of housing for working families, specifically targeting teachers, firefighters, police officers, veterans, and other hard-working Americans. It provides tax credits equal to 50% of the qualified basis for new buildings or 60% for rehabilitated buildings, with requirements that 40% or more of units be rent-restricted for households earning up to 180% of area median income. The credit period lasts 15 years, and buildings must maintain working families housing for at least 15 years after the credit period through a binding "extended working families housing commitment." The bill also authorizes $100 million in grants and loans for infrastructure projects in rural and exurban areas supporting qualified housing developments.