arrow_back Back to App

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.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_3940
Sponsor: Rep. Kelly, Mike [R-PA-16]
Process start date: 2023-06-09
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

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 118_HR_3940.

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 2023-06-09.

What are the main provisions?

Key points include:

  • 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.
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. Kelly, Mike [R-PA-16].

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 2025-12-25.

CATEGORIES

Taxes Real Estate Public Investments