Tax Credits for Home Revitalization in Distressed Neighborhoods
This act introduces a tax credit for individuals and companies who renovate or build homes in distressed neighborhoods and then sell them at an affordable price. The goal is to increase housing availability and improve living conditions in these areas. Through this program, citizens can gain access to more affordable homes and also benefit from the possibility of renovating their own home with the help of the credit.
Key points
New tax credit for developers and individuals renovating homes in selected, distressed areas.
Homes must be sold at an affordable price to individuals with incomes not exceeding 140% of the median income for the area.
Opportunity to receive a credit for renovating one's own home if income and location criteria are met.
Support aims to increase the number of available homes and improve community stability.
Introduces repayment mechanisms if the home is sold within 5 years of the affordable purchase.
Status:
Expired
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