Shenango Valley News

U.S. Representatives Mike Kelly and John Larson have reintroduced the Neighborhood Homes Investment Act, a bipartisan bill aiming to generate over 500,000 affordable single-family homes for ownership in under-resourced communities across the next decade. The legislative effort seeks to provide tax incentives for building and preserving homes, thereby addressing longstanding issues of affordability and supply in the housing market.

Representative Kelly emphasized the bill's potential impact: "The Neighborhood Homes Investment Act will allow homeowners and developers to not only affordably restore beautiful homes, but also to build and create more affordable housing in communities that need it the most. For the families whose dreams of homeownership feel unattainable, this bill could make those dreams closer to reality.”

Larson also echoed these sentiments, highlighting the bill's importance in managing the housing crisis: "I am proud to join my colleague, Rep. Mike Kelly, to introduce a bipartisan solution to bring down costs and increase the supply of affordable housing. The Neighborhood Homes Investment Act will tackle our housing crisis by incentivizing the construction of new homes and the revitalization of vacant homes in need of repair."

The bill, which gathered substantial support in the 118th Congress with 111 cosponsors, is expected to encounter similar enthusiasm, as a companion bill is anticipated in the Senate, introduced by Senators Todd Young and Mark Warner. The initiative includes significant backing from key representatives of the House, such as Randy Feenstra, Vern Buchanan, Carol Miller, and others.

Key features of the bill include the allocation of tax credits through statewide competitions managed by state housing finance agencies, with credits awarded to developers, lenders, or local governments. These credits will support capital raising and can be claimed post-sale and occupancy by eligible low- or middle-income families in designated low-income communities.

The Neighborhood Homes Coalition anticipates that the bill will drive substantial economic growth, projecting $125 billion in development activity, support for 861,000 jobs, $56 billion in wages, and $38 billion in federal, state, and local tax revenues over the next ten years.

Further details of the bill are available to the public.