S. 98

Referred to Committee

Neighborhood Homes Investment Act

Introduced 1/28/2021•117th Congress•Senate

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Read twice and referred to the Committee on Finance.

1/28/2021 • Senate

Summary

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.

Introduced in Senate • 1/28/2021

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Topics & Subjects

Policy Area: Taxation

Building constructionBusiness investment and capitalEconomic developmentEconomic performance and conditionsGovernment information and archivesHousing and community development fundingHousing finance and home ownershipHousing supply and affordabilityIncome tax creditsInflation and pricesResidential rehabilitation and home repair