Housing Advocates Seek New Tax Credit to Renovate Run-Down Homes

 

Affordable housing advocates are seizing on President-elect Donald Trump’s call for tax reform, hoping that a new tax credit program to revitalize run-down homes in distressed neighborhoods will be attractive to the incoming administration.

The National Association of Affordable Housing Lenders is pushing an initiative to create the Neighborhood Homes Tax Credit, which will provide tax incentives for the renovation and construction of owner-occupied homes.

“It is a strategy to revive distressed neighborhoods with significant poverty that have a lot of single-family homes that are in tough shape,” said Buzz Roberts, president and chief executive of NAAHL.