Neighborhood Homes Investment Act
Rep. Kelly Introduces Bipartisan Neighborhood Homes Investment Act to Boost Affordable Housing in Distressed Areas
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. It is actively moving through the system, but no future votes or hearings have been scheduled yet.
Legislative Progress
This bill has strong support from both parties and addresses a major national housing shortage. However, tax credit bills often wait to be part of a larger year-end tax package.
Key Points
Impact Analysis
Personal Impact
Life & Work
Renters in qualifying low-income neighborhoods could benefit from new affordable homeownership opportunities. The credit is designed to close the gap between building costs and market values, which means homes that otherwise would not be built in these areas can become available at affordable prices for families earning up to 140% of area median income.
“Housing construction in distressed communities is prevented by the value gap, the difference between the cost to develop a home and the sale price of the home”
Programs
Disabilities
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesAmericans deserve more affordable homeownership opportunities
U.S. Reps. Mike Kelly and John Larson argue for the passage of the Neighborhood Homes Investment Act, which would create a new tax credit to bridge the 'value gap' between the cost of building or repairing a home and the home's market value in struggling communities.
Senate Plan Aims to Revitalize Beaten-Down Communities
A bipartisan group of senators introduced a plan to provide tax credits for the rehabilitation of homes in distressed neighborhoods, aiming to attract private capital to areas where the cost of renovation exceeds the eventual market value of the property.
First-Time Home Buyers Are Older Than Ever
As the age of first-time home buyers reaches record highs, policy experts point to the Neighborhood Homes Investment Act as a potential tool to increase the supply of affordable starter homes by incentivizing development in under-resourced neighborhoods.
Source Information
Document Type
Congressional Bill
Official Title
Neighborhood Homes Investment Act
Data Sources
Sponsor
Cosponsors
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