Establishes a tax credit for neighborhood revitalization projects in distressed communities.

The Neighborhood Homes Investment Act establishes a tax credit for neighborhood revitalization projects aimed at distressed communities. The credit incentivizes the construction or substantial rehabilitation of affordable homes. It includes provisions for determining eligible development costs, setting credit limits, and ensuring the affordability of homes sold. The bill also mandates annual public reports on credit allocations and requires repayments if homes are sold or converted to rental properties within five years.

Establishes a tax credit for neighborhood revitalization projects in distressed communities.

The Neighborhood Homes Investment Act establishes a tax credit for neighborhood revitalization projects aimed at distressed communities. The credit incentivizes the construction or substantial rehabilitation of affordable homes. It includes provisions for determining eligible development costs, setting credit limits, and ensuring the affordability of homes sold. The bill also mandates annual public reports on credit allocations and requires repayments if homes are sold or converted to rental properties within five years.