In struggling communities full of single-family homes, the cost is too high for developers to acquire and renovate blighted properties. The Neighborhood Homes Investment Act would offer an incentive for investment in existing building stock.
"Lawmakers have proposed a federal tax credit that would fuel the rehabilitation of deteriorated single-family homes in distressed neighborhoods," reports Donna Kimura.
"Introduced by Reps. Brian Higgins (D-N.Y.) and Mike Kelly (R-Pa.), the Neighborhood Homes Investment Act (NHIA) seeks to build on the success of the low-income housing tax credit (LIHTC) for multifamily housing properties," adds Kimura. The bill is known as H.R.3316 in the House.
The article includes more details about the proposed legislation, including the expected return on investment: "Supporters estimate the credit could produce 500,000 homes over 10 years and generate about $100 billion in development and 785,714 jobs in construction and related industries."
The Center for Community Progress recently released a press release announcing support for the companion act in the Senate, S.4073.
FULL STORY: Bill Seeks to Create ‘Neighborhood Homes’ Tax Credit
Neighborhood Homes Investment Act Picks Up Momentum
A proposed tax credit designed to stabilize single-family neighborhoods facing growing numbers of vacancies is making its way through Congress.
Long Beach Urban Farming Initiative Targets Vacant Lots
A California policy lets cities offer tax incentives to landowners who put vacant lots to use as urban farms or gardens. Long Beach is the latest comer, but the uptake has been sluggish elsewhere.
Blight Is a Bad Word
What makes one building worth saving and another worth destroying? Strong Towns' Rachel Quednau explores the line between destruction and preservation.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
Test News Post 1
This is a summary
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
Test News Headline 46
Test for the image on the front page.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service