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Tax Credit for Neighborhood Revitalization and Affordable Homes

This act introduces a new tax credit for individuals and businesses that build or renovate homes in selected, revitalization-needed areas. The goal is to increase housing affordability for lower-income individuals and improve neglected neighborhoods. This can provide citizens with access to more affordable homes, while investors receive financial support.
Key points
New tax credit for developers and homeowners renovating properties in designated areas.
Support for building and substantial rehabilitation of single-family homes, condominiums, and cooperative housing units.
Homes must be sold at affordable prices to qualified homeowners with incomes up to 140% of the area median income.
State agencies will manage the program, set standards, and monitor the use of funds.
If a home is sold within 5 years of completion, a portion of the gain may be subject to repayment to the agency.
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Expired
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Additional Information
Print number: 117_HR_2143
Sponsor: Rep. Higgins, Brian [D-NY-26]
Process start date: 2021-03-23
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Neighborhood Homes Investment Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2143.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-23.

What are the main provisions?

Key points include:

  • New tax credit for developers and homeowners renovating properties in designated areas.
  • Support for building and substantial rehabilitation of single-family homes, condominiums, and cooperative housing units.
  • Homes must be sold at affordable prices to qualified homeowners with incomes up to 140% of the area median income.
  • State agencies will manage the program, set standards, and monitor the use of funds.
  • If a home is sold within 5 years of completion, a portion of the gain may be subject to repayment to the agency.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Higgins, Brian [D-NY-26].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Real Estate Public Investments