Revitalizing America’s Housing Act

Key Points

• The bill doubles the amount of profit homeowners can keep tax-free when they sell their house, raising the limit to $500,000 for individuals and $1 million for married couples to encourage more people to put their homes on the market.
• It creates a new tax credit to encourage builders to fix up or build homes in neighborhoods that need more investment, helping families buy and own homes in areas that have been overlooked.
• Local governments would be encouraged to change their rules to allow more types of housing, such as duplexes, small backyard houses, or turning old offices into apartments, to help increase the total number of homes available.
• The plan offers lower rent in public housing for police officers, firefighters, and EMTs, and it makes it easier for veterans and first responders to get loans and discounts when buying a home.
• New safety rules would require better tracking of lead pipes and lead paint in government-assisted housing, along with a major national effort to research and teach people about the health dangers of indoor mold.
• The bill would stop federal funding for cities that allow 'squatting,' which it defines as people living in a property for 14 days or more without the owner's permission or a rental agreement.