Summary: H.R.3316 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.3316. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/18/2019)

Neighborhood Homes Investment Act

This bill establishes a new business-related tax credit to finance home building and rehabilitation in neighborhoods that meet certain eligibility criteria relating to poverty rates, income, and home values. The credit is limited to 35% of the lesser of the qualified development cost (i.e., the cost of construction, substantial rehabilitation, demolition, and environmental remediation of residential properties) or 80% of the national median sale price for new homes. The credit applies to single family homes containing four or fewer residential units, condominiums, or houses or apartments owned by cooperative housing corporations.