ABA has joined the a broad coalition of finance, fair housing and community development advocates to support the Neighborhood Homes Investment Act, a bipartisan Senate bill, S. 98, introduced by Sens. Ben Cardin (D-Md.) and Rob Portman (R-Ohio).
Modeled after the Low Income Housing Tax Credit for affordable rental housing and New Markets Tax Credit for economic development, the bill would create a federal tax credit that will produce new equity investment dollars for the development and renovation of one-to-four-family housing in distressed urban, suburban and rural neighborhoods.
If enacted, the bill is expected to support the construction or rehabilitation of 500,000 homes in distressed communities, $100 billion in total development activity and more than 785,000 jobs over the next 10 years, along with $42.9 billion in wages and salaries and nearly $30 billion in federal, state and local tax revenues and fees.
