Senators have announced the reintroduction of the Neighborhood Homes Investment Act, a bipartisan effort to expand affordable homeownership opportunities and revitalize communities across the country. The bill was announced on Tuesday, March 7, 2023, at 9:30am by Senators Chris Van Hollen (D-MD), Todd Young (R-IN), Ben Cardin (D-MD), and Susan Collins (R-ME).
The bill would create a federal tax credit for developers who build or rehabilitate homes in neighborhoods with high poverty, low homeownership, and large concentrations of renters. The credits would be available for single-family homes, condominiums, and multifamily housing, and would be allocated to developers through a competitive process.
The bill also includes funding for housing counseling and other services that help low- and middle-income people become homeowners. The credits would be available for a period of five years and would be available to developers in both urban and rural areas.
The Neighborhood Homes Investment Act is supported by a variety of organizations, including the National Low Income Housing Coalition, the National Association of Realtors, the National Association of Home Builders, and the National Housing Conference.
The bill would also provide additional funding to states, localities, and tribal governments to help them address the challenges of affordable housing. This funding could be used to create and implement housing plans, expand rental assistance programs, and develop housing and community development plans.
At a hearing on the bill, Senators Van Hollen and Cardin noted that the Neighborhood Homes Investment Act would allow for investments in neighborhoods that have not seen the kind of investment necessary to create affordable housing.
The bill also seeks to improve access to safe and decent housing for low- and middle-income families. The Neighborhood Homes Investment Act would create a new tax credit that would help developers access private funding to build affordable housing in low-income communities.
The bill would also provide funding to states and localities to help them address the challenges of affordable housing. This funding would be used to create and implement housing plans, expand rental assistance programs, and develop housing and community development plans.
The bill has been endorsed by a variety of organizations, including the National Low Income Housing Coalition, the National Association of Realtors, the National Association of Home Builders, and the National Housing Conference.
The Neighborhood Homes Investment Act is a bipartisan effort to expand affordable homeownership opportunities and revitalize communities across the country. If passed, the bill would create a new tax credit for developers who build or rehabilitate homes in neighborhoods with high poverty, low homeownership, and large concentrations of renters. The bill also includes funding for housing counseling and other services that help low- and middle-income people become homeowners.
