S 4073
116th Congress
Senate
Taxation
Building construction
Business investment and capital
Economic development
Economic performance and conditions
Government information and archives
Housing and community development funding
Housing finance and home ownership
Housing supply and affordability
Income tax credits
Inflation and prices
Residential rehabilitation and home repair
Neighborhood Homes Investment Act
Introduced: June 25, 2020
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 2020
Read twice and referred to the Committee on Finance.
Jun 25, 2020
Introduced in Senate
Plain-English summary
Neighborhood Homes Investment Act
This bill establishes a new business-related tax credit to finance home building and rehabilitation in neighborhoods that meet certain eligibility criteria relating to poverty rates, income, and home values. The credit is limited to 35% of the lesser of the qualified development cost (i.e., the cost of construction, substantial rehabilitation, demolition, and environmental remediation of residential properties) or 80% of the national median sale price for new homes. The credit applies to single family homes containing four or fewer residential units, condominiums, or houses or apartments owned by cooperative housing corporations.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1