Senate.Gov, March 7, 2023, Cardin, Young Introduce Tax Credit To Encourage Revitalization Ff Distressed Homes Nationwide By Filling The Cost Gap
U.S. Senators Ben Cardin and Todd Young have introduced legislation to revitalize housing in distressed neighborhoods in Maryland, Indiana and nationwide. Currently, private development lacks in some urban and rural areas because the cost of purchasing and renovating homes is greater than the value of the sale price of homes. The Neighborhood Homes Investment Act (NHIA) creates a federal tax credit that covers the cost between building or renovating a home in these areas and the price at which they can be sold. The legislation also caps the price of sales for each home to ensure that they are affordable housing options in the community. The NHIA would also help existing homeowners in these neighborhoods to renovate and stay in their homes. The National Community Reinvestment Coalition is one of many organizations to back this new act.