Bill Seeks to Create ‘Neighborhood Homes’ Tax Credit

 

Lawmakers have proposed a federal tax credit that would fuel the rehabilitation of deteriorated single-family homes in distressed neighborhoods.

Introduced by Reps. Brian Higgins (D-N.Y.) and Mike Kelly (R-Pa.), the Neighborhood Homes Investment Act (NHIA) seeks to build on the success of the low-income housing tax credit (LIHTC) for multifamily housing properties.

It gets to the core of a challenging problem: Many distressed neighborhoods have a large number of single-family homes, says Buzz Roberts, president and CEO of the National Association of Affordable Housing Lenders.