Neighborhood Homes Investment Act

Key Provisions

• Lets developers and builders get a tax credit for building or renovating homes in specific struggling neighborhoods.
• Requires these homes to be sold at affordable prices to families whose income is 140% or less of the area's typical income.
• Allows a separate tax credit for rehabilitating homes already owned by families whose income is 100% or less of the area's typical income.
• Sets aside a minimum of $12 million per state each year, or $9 per person in larger states, for these tax credits, with unused funds carrying over.
• Requires state agencies to create plans and standards for how these credits are given out and how homes are built.
• Requires homeowners who benefit from the program to repay some funds if they sell their home within 5 years, unless there's a hardship.