Working Families Housing Tax Credit Act

# Working Families Housing Tax Credit Act (HR 893) **What the Bill Would Do** This bill would create a new tax credit to help working families afford housing. While the specific details aren't fully outlined in the available information, tax credits of this type typically allow eligible families to reduce the amount of income tax they owe, effectively providing financial assistance to make rent or mortgage payments more manageable. The credit would be aimed at households that earn modest incomes but may struggle with rising housing costs. **Who It Affects** The primary beneficiaries would be working families with lower to moderate incomes who spend a significant portion of their earnings on housing.

This could include renters and homeowners across the country who are cost-burdened—meaning they spend more than 30% of their income on housing expenses. **Current Status** As of now, the bill remains in committee, meaning it hasn't yet been debated or voted on by the full House of Representatives. It was introduced by Representative Patrick Ryan (D-NY) in the 119th Congress. For the bill to become law, it would need to pass through committee review, receive House approval, pass the Senate, and be signed by the President.