Special to 1812Blockhouse
Bipartisan legislation recently introduced would create a new federal tax credit to fuel development and rehabilitation of single-family homes and attract $100 billion in development activity to underserved rural and urban communities across the country.
The bill was introduced by one Ohio US Senator and is co-sponsored by the other Ohio US Senator.
The Neighborhood Homes Investment Act (NHIA), introduced by Senators Ben Cardin (D-MD) and Rob Portman (R-OH), and co-sponsored by Senator Tim Scott (R-SC), Senator Todd Young (R-IN), Senator Chris Coons (D-DE) and Senator Sherrod Brown (D-OH), would encourage private investment in an estimated 500,000 homes that currently cannot be developed or rehabilitated because the costs to do so exceed the value of the home. The tax credit supports development of homes in rural communities struggling with the costs of new construction, as well as the rehabilitation of homes in blighted urban communities, where vacant homes depress property values and thwart broader revitalization efforts. More…