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New Homes Tax Credit: Boosting Affordable Housing for Low-Income Families.

This law establishes a tax credit for investors who fund entities dedicated to building or renovating homes for low- and moderate-income individuals (up to 120% of the area median income). The goal is to increase the supply of affordable, entry-level housing, particularly for first-time buyers. Qualified buyers must maintain the home as their principal residence for five years.
Key points
Investors receive a tax credit over five years for providing capital to housing development entities focused on affordable housing projects.
The program targets the construction of new entry-level homes for first-time buyers and the renovation of existing homes owned by qualified low-income buyers.
Qualified buyers benefit from access to subsidized housing but must adhere to a 5-year principal residency requirement enforced by a lien.
At least 50% of the allocated funds must support housing for families earning 80% or less of the area median income.
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Additional Information
Print number: 118_S_5196
Sponsor: Sen. Heinrich, Martin [D-NM]
Process start date: 2024-09-25
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

New Homes Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5196.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-25.

What are the main provisions?

Key points include:

  • Investors receive a tax credit over five years for providing capital to housing development entities focused on affordable housing projects.
  • The program targets the construction of new entry-level homes for first-time buyers and the renovation of existing homes owned by qualified low-income buyers.
  • Qualified buyers benefit from access to subsidized housing but must adhere to a 5-year principal residency requirement enforced by a lien.
  • At least 50% of the allocated funds must support housing for families earning 80% or less of the area median income.
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 Sen. Heinrich, Martin [D-NM].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Real Estate