Senators Introduce Tax Credit to Revitalize Distressed Homes

 

Sens. Ben Cardin (D-Md.) and Rob Portman (R-Ohio) have introduced legislation to create a tax credit that would encourage the revitalization of distressed single-family homes.

The Neighborhood Homes Investment Act (NHIA) is based on the low-income housing tax credit (LIHTC) and New Markets Tax Credit. These longtime programs have successfully financed affordable multifamily rental housing and economic development projects, but they can’t get to the problem that the new legislation seeks to address, says Benson “Buzz” Roberts, president and CEO of the National Association of Affordable Housing Lenders.