FOR IMMEDIATE RELEASE	Contact: Michele Anapol (202) 466-2121 x226 manapol@nhc.org

CLINTON AND VELAZQUEZ REINTRODUCE "HOUSING AMERICA’S WORKFORCE ACT" IN BOTH CHAMBERS OF CONGRESS

U.S. Senate and House Bills Will Provide Incentives to Employers Who Extend Key Homeownership and Rental Housing Benefits to Their Employees

Washington, DC (April 11, 2007) – The Housing America’s Workforce Act has been reintroduced in both chambers of Congress by U.S. Senator Hillary Rodham Clinton (D-NY) and U.S. Representative Nydia Velazquez (D-NY).  The legislation will provide incentives to employers who extend key homeownership and rental housing benefits to their employees through employer-assisted housing, or EAH, programs. The Senate bill was reintroduced yesterday and the House bill was reintroduced on March 29. 

There are three primary components to the legislation. The first is a tax credit – equal to 50 percent of qualified expenses – which will be available to employers that provide homeownership assistance to their employees for expenses such as downpayments and closing costs. This tax credit also applies to rental assistance provided for security deposits and rental payments. In addition, under the second component of the legislation, the homeownership and rental assistance will be excluded from taxable income so that employees are sure to receive the full value of the housing benefit.  The third component of the legislation will create an important competitive grant program that will make funds available to nonprofit organizations that provide technical assistance, program administration, and, or, education and outreach support to employers undertaking EAH programs.

“NHC strongly believes that employer-assisted housing benefits could, and should, become as popular as employer-sponsored healthcare benefits,” said NHC President and CEO Conrad Egan. “We look forward to working with members of Congress to secure support for this legislation, which will result in increasing affordable housing for America’s working families.”

EAH programs are a ‘win-win-win’ situation. Employers win based on the stable workforce that is often the result of employees living closer to work. This reduction in recruitment ultimately results in financial savings for an employer. Employees win because they enjoy the extra time with family and friends that is provided by living closer to work, time that could have been spent in traffic. Communities win because of increased investment and reduced congestion since families and individuals who may have just been passing through may instead decide to purchase a home.

The U.S. Senate bill sponsors include Senators Hillary Rodham Clinton (D-NY), Mel Martinez (R-FL), Edward Kennedy (D-MA), Richard Durbin (D-IL), Joseph Lieberman (I-CT), Jack Reed (D-RI) and Gordon Smith (R-OR), and the U.S. House bill sponsors include Representatives Nydia Velazquez (D-NY), Jim Ramstad (R-MN), Charles Gonzalez (D-TX), Joe Baca (D-CA), Gwen Moore (D-WI), Silvestre Reyes (D-TX), Loretta Sanchez (D-CA) and Edolphus Towns (D-NY).  The Act was previously introduced in the last Congress in June 2005.

For more details, please go to this related EAH Fact Sheet. 

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