Workforce Housing Act of 2006 - Amends the Internal Revenue Code to: (1) allow as a deduction from gross income any cash payments to a mortgage down payment account; and (2) establish a refundable tax credit for contributions to mortgage down payment accounts.
Amends the Cranston-Gonzalez National Affordable Housing Act to establish home ownership counseling as a prerequisite to downpayment assistance under the Act.
Directs the Secretary of Housing and Urban Development to make grants to local governments to provide financial assistance to developers for the production of housing for home ownership affordable to low- and moderate-income families.