Next week, while many of us will be at MBA Annual, Congress looks poised to take action on the infrastructure bill, which contains some significant housing actions. Housing provisions that could pass include:
—The Neighborhood Homes Investment Act, which would offer tax credits to attract private investment for building and rehabilitating single-family homes in urban and rural communities. States would bear the burden of administering this program, which is modeled after the Low Income Housing Tax Credit. The White House has estimated that $20 billion in NHIA tax credits over five years would result in the building or rehabbing of 500,000 houses.
The bill has strong support from Sen. Ron Wyden of Oregon, a Democrat who chairs the Senate Finance Committee. At a virtual conference last week he told attendees that the committee has an "enormous interest" in the legislation.
—The Down Payment Toward Equity Bill, which would give first-time, first-generation homebuyers an upfront grant of up to $25,000. There have been several versions of first-time homebuyer bills working their way through Congress this year, but this one was introduced by Rep. Maxine Waters, chair of the powerful House Financial Services Committee. Passage seems likely since the discussion seems to have shifted from whether we need to help first-time homebuyers to how much they should be given.
We'll be providing updates as soon as something passes.
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