Neighborhood Homes Investment Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- 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,’ which are areas with low median incomes and high poverty rates. The bill establishes a ‘neighborhood homes credit’ that can cover development costs, rehabilitation expenses, and a portion of sale prices, with specific criteria and limitations to ensure financial feasibility and promote equitable access. It also creates a process for allocating funds to qualified projects and establishes a framework for reporting and oversight.
Key provisions
- Creates a ‘neighborhood homes credit’ for taxpayers who develop or rehabilitate affordable residences.
- Defines ‘qualified census tracts’ based on income, poverty, and median home values.
- Sets limits on the amount of credit that can be claimed per project, based on allocations by the neighborhood homes credit agency.
- Establishes eligibility requirements for qualified homeowners, including income limits.
- Specifies ‘reasonable development costs’ and ‘eligible development costs’ for credit calculations.
- Includes provisions for state neighborhood homes credit ceilings and allocations.
- Creates a process for the neighborhood homes credit agency to prioritize projects and make allocations.
- Provides for repayment of the credit if the residence is sold to a qualified homeowner within a 5-year period.
Bill text
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Sponsors
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