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Committee backs state workforce housing tax credit aiming to mirror federal LIHTC
Summary
Senate Bill 22-53 would create a $4 million per year state workforce housing tax credit modeled on the federal low-income housing tax credit to help close financing gaps for affordable housing projects; the committee advanced the measure to finance.
The Mississippi Senate Committee on Housing and Finance voted to advance Senate Bill 22-53, which would create a state workforce housing tax credit intended to mirror the federal low-income housing tax credit and provide a $4 million annual state credit to help complete affordable housing projects.
The chair told the committee the bill is designed to close financing gaps on projects struggling because of higher material and labor costs, rising insurance prices and increased interest rates. The chair said the state has a shortfall of roughly 100,000 affordable units and that the proposed $4 million annual tax credit would function similarly to the federal program and to existing state new-market tax credit arrangements.
Why it matters: Committee members and housing providers have told lawmakers that several projects are close to being fully financed but cannot close due to increased costs and depleted resources; a state tax credit would provide an additional funding source to bridge those gaps.
The committee recorded the motion as "title submission due passed on Senate Bill 22 53" and advanced the bill to the next committee for additional vetting. The chair said the measure is double-referred to the Finance Committee.
No roll-call vote or mover/second was recorded in the transcript; questions on program design and allocation processes were deferred to later committee review.
