A group of Democratic and Republican senators have introduced legislation to provide tax credits for renovation of distressed housing to increase the amount of affordable housing.
Senators Ben Cardin (D-Md.) and Todd Young (R-Ind.), both on the Senate Finance Committee, announced the effort in a press release this week.
"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," they said. "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."
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