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Housing groups back home-ownership tax credit bill

April 13, 2005

Legislation aims to boost housing funds

Inman News

U.S. Reps. Tom Reynolds, R-N.Y., and Ben Cardin, D-Md., introduced legislation today that aims to generate more housing funds for lower-income families. The National Association of Realtors and a coalition of more than 40 housing and community organizations are backing the measure.

Modeled after the Low-Income Housing Tax Credit, the program would provide investors with a tax credit of up to 50 percent of the cost of developing each home. The home-ownership tax credit is expected to generate nearly $2 billion in private investment annually for the construction and/or rehabilitation of approximately 50,000 homes for sale to lower-income families each year.

The credit is also expected to produce 122,000 construction and related jobs, $4 billion in wages and $2 billion in federal, state and local tax revenue, according to a statement from NAR.

The bill, H.R. 1549, is similar to legislation that was introduced in both the House and Senate last session and gained the support of a bipartisan majority of Congress, as well as President Bush.

"NAR stands ready to work with Congress and the administration to enact tax credit legislation that will help make the dream of a safe, affordable home come true for as many as 50,000 families a year," said NAR President-Elect Tom Stevens of Vienna, Va., who attended today's press conference announcing the bill's introduction.

Copyright 2005 Inman News

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