- A bipartisan group of U.S. lawmakers is reviving efforts to spur the renovation of single-family homes in blighted neighborhoods.
- Legislation introduced in the Senate aims to create a new tax credit to cover a developer’s costs when the renovation of a crumbling building exceeds a home’s potential selling price.
- The bill envisions fueling the creation of 500,000 new homes in blighted neighborhoods or rural areas by offering about $2 billion a year in tax credits over the next decade.
- Credits would be available to developers after they sell renovated or newly built homes in neighborhoods with high poverty rates, low median family incomes and low home values.
- Home sale prices would be limited to a maximum of four times the area’s median annual income, among other restrictions, to ensure the properties remain affordable.
WSJ — Business — Housing — Tax Credits — Housing Shortage — Property Taxes
Senate Plan Aims to Revitalize Beaten-Down Communities
A bipartisan group of U.S. lawmakers is reviving efforts to spur the renovation of single-family homes in blighted neighborhoods by introducing a new tax credit for developers. Up to 500,000 homes could be created in the next decade.