In struggling communities full of single-family homes, the cost is too high for developers to acquire and renovate blighted properties. The Neighborhood Homes Investment Act would offer an incentive for investment in existing building stock.
"Lawmakers have proposed a federal tax credit that would fuel the rehabilitation of deteriorated single-family homes in distressed neighborhoods," reports Donna Kimura.
"Introduced by Reps. Brian Higgins (D-N.Y.) and Mike Kelly (R-Pa.), the Neighborhood Homes Investment Act (NHIA) seeks to build on the success of the low-income housing tax credit (LIHTC) for multifamily housing properties," adds Kimura. The bill is known as H.R.3316 in the House.
The article includes more details about the proposed legislation, including the expected return on investment: "Supporters estimate the credit could produce 500,000 homes over 10 years and generate about $100 billion in development and 785,714 jobs in construction and related industries."
The Center for Community Progress recently released a press release announcing support for the companion act in the Senate, S.4073.
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