H.R.1850 - Housing America's Workforce Act110th Congress (2007-2008)
|Sponsor:||Rep. Velazquez, Nydia M. [D-NY-12] (Introduced 03/29/2007)|
|Committees:||House - Ways and Means; Financial Services|
|Latest Action:||House - 03/29/2007 Referred to House Financial Services (All Actions)|
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Summary: H.R.1850 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (03/29/2007)
Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance. Excludes from employee gross income the value of employer-paid housing assistance.
Authorizes the Secretary of Housing and Urban Development to award grants in FY2008-FY2010, on a competitive basis, to nonprofit housing organizations or local governments for certain costs, including operating costs and technical assistance costs, of employer-assisted housing programs. Requires the Secretary to establish a national clearinghouse, including a website, to provide information about employer-assisted housing programs to federal, state, and local governments and other interested entities.
Directs the Comptroller General to conduct a national evaluation of employer-assisted housing programs and provide to the Secretary an interim report by January 1, 2011, and final report by December 31, 2012.