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.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25% resulting in 1,900 jobs lost.
Why Should We Subsidize Public Transportation?
Many public transit agencies face financial stress due to rising costs, declining fare revenue, and declining subsidies. Transit advocates must provide a strong business case for increasing public transit funding.
Paris Bike Boom Leads to Steep Drop in Air Pollution
The French city’s air quality has improved dramatically in the past 20 years, coinciding with a growth in cycling.
Why Housing Costs More to Build in California Than in Texas
Hard costs like labor and materials combined with ‘soft’ costs such as permitting make building in the San Francisco Bay Area almost three times as costly as in Texas cities.
San Diego County Sees a Rise in Urban Coyotes
San Diego County experiences a rise in urban coyotes, as sightings become prevalent throughout its urban neighbourhoods and surrounding areas.
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.
Smith Gee Studio
Alamo Area Metropolitan Planning Organization
City of Santa Clarita
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service