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House panel hears bill to create state workforce housing tax credit to fill funding gaps
Summary
Supporters told the House Taxation Committee HB 21 would create a state workforce housing tax credit to bridge financing gaps on affordable rental projects, leveraging federal credits and private investment; opponents warned tax-code complexity and urged direct funding instead.
The House Taxation Committee on Tuesday heard testimony on House Bill 21, a proposal to establish a state workforce housing tax credit intended to help developers fill “gap” financing on affordable rental projects.
Representative Larry Brewster, sponsor of the bill, said the proposal is a committee bill that would allocate limited state tax credits over time and include periodic review by the revenue interim committee. “It basically allocates money over time so that people can gain a tax credit to supplement their projects for low income housing,” Brewster said.
Don Sturhan, president of Scribe Builders LLC, explained how tax-credit equity is used to raise capital for developments. “These tax credits are designed to be sold so that we can raise capital,…
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