Tax credit for builders would aid some buyers
Legislation was introduced in Washington on Wednesday that would provide investors a tax credit to encourage the construction and rehabilitation of homes for low- and middle-income families.
The House bill, modeled after the low-income rental housing tax credit, is expected to generate nearly $2 billion in private investment annually for the construction or rehabilitation of about 50,000 homes for sale to lower-income families each year.
The measure, introduced by Reps. Tom Reynolds (R-N.Y.) and Ben Cardin (D-Md.), is backed by a broad coalition that includes, among others, the National Assn. of Realtors, the National Conference of State Housing Agencies, the Local Initiative Support Corp. and Habitat for Humanity International.
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