FOR IMMEDIATE RELEASE: Monday, December 9, 2024
Contact: Cherri Sinclair, 202-293-9857, csinclair@naahl.org
PRESS RELEASE:
The Neighborhood Homes Investment Act Surpasses 100 Cosponsors
Young, Warner, Kelly, Larson to Lead Bipartisan Homeownership Bill in 119th Congress
WASHINGTON, DC (December 9, 2024) – The Neighborhood Homes Coalition applauds the more than 100 Members of Congress who have now cosponsored the bipartisan Neighborhood Homes Investment Act (H.R. 3940 and S. 657). The Neighborhood Homes Investment Act would create a new tax incentive that would produce and preserve more than 500,000 affordable, single-family homes for homeownership over ten years in under-resourced communities.
Across the country, most Americans cannot find an affordable home to own. Too many towns have streets lined with vacant lots or dilapidated housing in need of substantial repairs, where the costs of development or rehabilitation exceed the value of the homes. In other communities, the only homes being built are too large and expensive for most families to afford. This is a challenge for many communities, including rural communities struggling to attract job creating industries due to the lack of housing available and affordable to their workers.
All communities need more affordable, modest homes for working families ready for homeownership, but none more so than communities that have struggled with low home values – impacting both aspiring homeowners as well as current homeowners in older homes that need support with critical repairs to pass on generational wealth. The Neighborhood Homes Investment Act would mobilize private investments to build and rehabilitate homes for lower- and middle-income homeowners.
To date, H.R. 3940 has garnered the support of 110 representatives, including 17 members of the House Ways & Means Committee, six of whom serve on the Tax Subcommittee. The Neighborhood Homes Investment Act is championed and set to be reintroduced in the 119th Congress by Representative Mike Kelly (R-PA-16), Chair of the Ways and Means Subcommittee on Taxation, and Representative John Larson (D-CT-1).
“As we near the end of the 118th Congress, I am happy to have over 100 of my colleagues’ support for this important legislation. The Neighborhood Homes Investment Act will help address the housing crisis we face in this country creating stronger homes, stronger families, and stronger neighborhoods. I look forward to continued work on Neighborhood Homes,” said Representative Kelly.
“I am proud to join Rep. Kelly, a coalition of 100 bipartisan Members of Congress, and housing advocates from across the nation to pass the Neighborhood Homes Investment Act,” said Representative Larson. “This bill will help tackle the housing crisis and increase the supply of affordable housing by incentivizing the construction of new homes and the revitalization of vacant homes in need of repair. We will continue to work together so more of our nation’s families can afford their own home.”
In the Senate, S. 657 has gained the backing of 16 cosponsors, including Senate Finance Chair Ron Wyden (D-OR) and Senator Tim Scott (R-SC), a Finance Committee member poised to chair the Committee on Banking, Housing, and Urban Affairs. In the 119th Congress, Senator Todd Young (R-IN) will reintroduce the bill as lead sponsor, newly alongside Senator Mark Warner (D-VA).
“Across Indiana, we have seen once-vibrant neighborhoods struggle under poor economic conditions and lack of investment. The Neighborhood Homes Investment Act would help restore these communities by directing private capital into neighborhoods in low-income census tracts, bridging the gap between the cost of renovation and neighborhood property values,” said Senator Young. “This legislation also includes important guardrails to ensure that tax incentives target the families that need it most. I am encouraged by the increasing amount of support this effort is receiving, and I am hopeful that Congress will pass this legislation soon.”
“Everyone deserves a safe and affordable home, but across the Commonwealth, and across the country, too many neighborhoods are dealing with lack of investment, poor housing stock, and low home ownership rates. That’s why we need an all-hands-on-deck approach to investing in our communities,” said Senator Mark Warner. “I’m excited to continue this important work with The Neighborhood Homes Investment Act — legislation that will encourage developers to build new and restored housing by providing a tax credit that will help them to invest in communities that need it the most.”
The Neighborhood Homes Coalition extends its deepest gratitude to retiring Senator Ben Cardin (D-MD), prior lead sponsor of the Neighborhood Homes Investment Act, and applauds Senators Young and Warner and Representatives Kelly and Larson for their championing of the bipartisan legislation. The Neighborhood Homes Coalition urges Congress to enact the Neighborhood Homes Investment Act, the widely popular, bipartisan affordable homeownership supply solution, in a 2025 tax package.
##
The Neighborhood Homes Coalition is a national advocacy group of 42 national organizations, including housing and community development nonprofits, financial institutions, and related trade associations – all supporting enactment of the Neighborhood Homes Investment Act. Learn more about the Neighborhood Homes Coalition at www.neighborhoodhomesinvestmentact.org.
The National Association of Affordable Housing Lenders (NAAHL), the National Community Stabilization Trust (NCST), and the Local Initiatives Support Corporation (LISC) co-chair the Neighborhood Homes Coalition.
