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Tax Credits for Home Construction and Renovation in Distressed Neighborhoods

This new act introduces tax credits for businesses that build or renovate homes in underserved neighborhoods to increase the availability of affordable housing. The goal is to revitalize these areas and make homeownership more accessible for lower-income individuals, as well as support renovations for existing homeowners.
Key points
Businesses building or renovating homes in designated distressed areas can receive tax credits, reducing construction and sales costs.
Homes under the program must be sold at affordable prices to individuals whose income does not exceed 140% of the area's median income.
Lower-income homeowners can receive financial support for renovating their properties, improving living conditions and neighborhood stability.
State agencies will oversee the program, set construction and renovation quality standards, and ensure credits benefit the most in-need areas.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1686
Sponsor: Sen. Young, Todd [R-IN]
Process start date: 2025-05-08
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
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 119_S_1686.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-05-08.

What are the main provisions?

Key points include:

  • Businesses building or renovating homes in designated distressed areas can receive tax credits, reducing construction and sales costs.
  • Homes under the program must be sold at affordable prices to individuals whose income does not exceed 140% of the area's median income.
  • Lower-income homeowners can receive financial support for renovating their properties, improving living conditions and neighborhood stability.
  • State agencies will oversee the program, set construction and renovation quality standards, and ensure credits benefit the most in-need areas.
What is the specific legal status?

The current status is Introduced.

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. Young, Todd [R-IN].

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 2025-12-23.

CATEGORIES

Taxes Real Estate Public Investments