HI HCR202

Urges the United States Congress to support the Workforce Housing Tax Credit Act, introduced December 7, 2023, to increase affordable housing supply for middle-income families.

Provides federal income tax credits to housing development projects for tenants earning between 60-100 percent of area median income, complementing existing low-income housing tax credits.

Requires at least 60 percent of units in qualifying developments to be occupied by individuals earning 100 percent or less of area median income, with rents restricted to 30 percent of designated income.

Establishes affordability restrictions for 30 years total: an initial 15-year compliance period followed by up to 15 years of extended affordability restrictions.

Directs certified copies be transmitted to the U.S. Senate Majority Leader, Speaker of the House of Representatives, and Hawaii's Congressional Delegation; estimates the program could finance 344,000 rental homes over ten years.