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Bobby Rayburn
President, NAHB |
Now pending in Congress - and funded in the president’s budget proposal for the fourth consecutive year - the Homeownership Tax Credit would increase homeownership opportunities for low- and moderate-income families. It would help bridge the gap between what it costs to build homes in lower-income neighborhoods and what buyers in those neighborhoods can afford to pay.
Modeled after the Low-Income Housing Tax Credit program for rental housing, the Homeownership Tax Credit would give developers and investors a tax credit of up to 50% of the cost of constructing a new home or rehabilitating an existing property in a hard-to-develop area.
This would help provide affordable work-force housing, create 122,000 jobs, increase investment, stabilize neighborhoods and stimulate the economy by generating $2 billion of private equity investment and $6 billion of development activity annually.
Momentum is building in the legislation’s favor in Congress, and the NAHB will work for its passage.
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