What is the official ID of this bill?
The official print number for this legislation is S 5196.
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.
Status:
Expired
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