Neighborhood Homes Investment Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Neighborhood Homes Investment Act aims to address the U.S. housing shortage, particularly in distressed communities, by establishing a tax credit for neighborhood revitalization projects. It provides incentives for taxpayers to develop or rehabilitate affordable homes in designated ‘qualified census tracts’ and ‘qualified projects.’ The bill establishes a process for allocating funds and sets criteria for determining eligible development costs and affordable sale prices, with a focus on supporting small businesses and minimizing application burdens. It also includes provisions to ensure financial feasibility and promote equitable access to housing opportunities.
Key provisions
- Creates a tax credit for developing or rehabilitating affordable homes in distressed communities.
- Defines ‘qualified census tracts’ based on income, poverty, and median home values.
- Establishes a process for allocating funds through ‘neighborhood homes credit agencies’ at the state level.
- Sets limits on credit amounts based on project allocations and state credit ceilings.
- Specifies criteria for determining ‘reasonable development costs’ and ‘eligible development costs’.
- Defines ‘affordable sale’ based on a percentage of the median family income for the area.
- Includes provisions for repayment of the credit if the residence is sold to a qualified homeowner.
- Creates a ‘state neighborhood homes credit’ ceiling based on state population and existing credit amounts.
Who is affected
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