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March 1, 2024

Legally Speaking: Federal Affordable/Workforce Housing Legislation Déjà Vue

By Nicholas W. Heckman, Hollie A. Croft, David F. Leon

NH&RA Tax Credit Advisor Articles

In the February 2024 issue of the NH&RA Tax Credit Advisor Articles, Nelson Mullins affordable housing attorneys Nicholas HeckmanHollie Croft, and David Leon offer a cynical take on a new piece of proposed federal legislation that supports the development of affordable or workforce housing nationwide.  

“The proposed legislation is called the Workforce Housing Tax Credit Act (WHTC Act) and is built off of the successes of the Low Income Housing Tax Credit (LIHTC) program by providing tax credits to project owners who build housing for tenants with 100 percent area median income (AMI) or less and where the rents are restricted to 30 percent of the designated income (middle-income units).”

In their article "Legally Speaking: Federal Affordable/Workforce Housing Legislation Déjà Vue”, they delve into the proposed bipartisan bill and provide an alternative path should it remain in a legislative holding pattern.     

“As we wait for the federal government to pass the bill, states are continuing to offer exciting new laws and legislation, which are creating opportunities for developers that were otherwise never available, or simply did not exist until recently, to further increase or support workforce housing. So, instead of simply watching the proposed federal legislation grow old and wither away, check and see if your local or state government has not already created an opportunity for you to build much needed workforce housing today.”

Nelson Mullins Affordable Housing and Tax Credits attorneys offer comprehensive services including forming and structuring relationships to accomplish affordable housing transactions and identifying, negotiating, and closing the most advantageous equity, grant, and construction-to-permanent debt financing options.