January 29, 2021
By: Sen. Ben Cardin
WASHINGTON – Affordable housing advocated and lenders are applauding new legislation from U.S. Senators Ben Cardin (D-Md.) and Rob Portman (R-Ohio) that aims to revitalize housing in distressed neighborhoods and keep it affordable for low and moderate-income families. The Neighborhood Homes Investment Act (S.98) creates a federal tax credit that covers the cost between building or renovating a home in these areas and the price at which they can be sold. The NHIA would also help existing homeowners in these neighborhoods to renovate and stay in their homes.