01/19/2024

New Congressional Tax Package has Incentive for More Northwest Housing

The Pacific Northwest is taking the lead in tackling the national affordable housing crisis — and their recent legislation offers a roadmap for other struggling regions.
Mercer Mass Timber Factory

by Lauren Paterson, Northwest Public Broadcasting

A $78 billion bipartisan tax package unveiled by Congressional negotiators this week includes a provision that its backers hope will spur home building nationwide. 

The Tax Relief for American Families and Workers Act of 2024 would expand the Low Income Housing Tax Credit program, which offers incentives for building homes for lower-income households.

“Whether you’re in Spokane, Pullman or Seattle, this is a problem and people want to see more affordable units being built because we need to house workforce, we need to house seniors, we need more affordable housing,” said Sen. Maria Cantwell (D-Washington), who pushed for the expansion.

If passed, Cantwell said the expansion to the Low Income Housing Tax Credit would fund more than 200,000 new housing units nationwide and 14,000 units in the Pacific Northwest. 

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