Last week, Representatives Mike Kelly (R-PA) and Brian Higgins (D-NY) reintroduced the Neighborhood Homes Investment Act (H.R. 3940). The legislation would spur the renovation and development of one- to four-unit homes in communities with a distressed housing stock. Modeled after the LIHTC program, the Neighborhood Homes Tax Credit would cover the “value gap” between the cost of building or renovating a home and the appraised value. Earlier this year, Senators Ben Cardin (D-MD) and Todd Young (R-IN) introduced companion legislation, S. 657.
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