Neighborhood Homes Investment Act
- Last Action
- 3/23/2021
Actions
- 2021-03-23Referred to the House Committee on Ways and Means.
- 2021-03-23Introduced in House
- 2021-03-23Introduced in House
CRS Summary
As of 2021-03-23 (00)
Neighborhood Homes Investment Act
This bill establishes a new business-related tax credit to finance home building and rehabilitation in neighborhoods that meet certain eligibility criteria relating to poverty rates, income, and home values. The credit is limited to 35% of the lesser of the qualified development cost (i.e., the cost of construction, substantial rehabilitation, demolition, and environmental remediation of residential properties) or 80% of the national median sale price for new homes. The credit applies to single family homes containing four or fewer residential units, condominiums, or houses or apartments owned by cooperative housing corporations.
Cosponsors (20)
- Mike Kelly (R-PA)
- MARCY KAPTUR (D-OH)
- Brian Fitzpatrick (R-PA)
- Joyce Beatty (D-OH)
- Andy Kim (D-NJ)
- Terri Sewell (D-AL)
- Jesus Garcia (D-IL)
- Joe Courtney (D-CT)
- KWEISI MFUME (D-MD)
- Ilhan Omar (D-MN)
- Eric Swalwell (D-CA)
- Darin LaHood (R-IL)
- Jackie Walorski (R-IN)
- Steve Stivers (R-OH)
- JOHN LARSON (D-CT)
- Anthony Gonzalez (R-OH)
- Don Bacon (R-NE)
- Jefferson Van Drew (R-NJ)
- John Katko (R-NY)
- Pete Stauber (R-MN)
Subjects
- Building construction
- Business investment and capital
- Economic development
- Economic performance and conditions
- Government information and archives
- Housing and community development funding
- Housing finance and home ownership
- Housing supply and affordability
- Income tax credits
- Inflation and prices
- Residential rehabilitation and home repair
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.