United States 117th Congress Status: In Committee Bipartisan · 78 D · 31 R cosponsors

HR 2143 — Neighborhood Homes Investment Act

Last action — Referred to the House Committee on Ways and Means.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

In plain language

The bill offers tax credits for neighborhood revitalization projects.

The Neighborhood Homes Investment Act introduces a tax credit to encourage the revitalization of neighborhoods through qualified residential projects. This credit is based on development costs and sale prices of homes within designated areas.

What this means for you
  • Families: Families could see more affordable housing options in revitalized neighborhoods.
  • Environment: Environmental remediation costs may be covered, promoting greener neighborhood development.
  • Small Business: This means potential financial support for housing projects, benefiting local developers and contractors.

Summary

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.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes a new tax credit for neighborhood revitalization projects through the Neighborhood Homes Credit.

  • Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986

    a new section: SEC. 42A. NEIGHBORHOOD HOMES CREDIT.

    Introduces a new section that creates the Neighborhood Homes Credit.

  • Section 38

    the amount of the neighborhood homes credit determined under this section

    Establishes the Neighborhood Homes Credit as part of the general tax credit structure.

  • SEC. 42A

    the amount of the neighborhood homes credit determined under this section for a taxable year for a qualified project shall be, with respect to each qualified residence that is part of such qualified project and that experiences a qualified completion event during such taxable year, an amount equal to...

    Specifies how the credit amount is calculated based on qualified residences and completion events.

  • SEC. 42A(a)

    in the case of an affordable sale, with respect to the seller, the excess of...

    Defines the calculation for the credit based on the sale price and costs for affordable sales.

  • SEC. 42A(b)

    The amount determined under subsection (a) with respect to a qualified residence shall not exceed 35 percent of the lesser of...

    Limits the credit to a maximum percentage of the qualified development cost or median sale price.

  • SEC. 42A(c)

    the term 'qualified development cost' means, with respect to a qualified residence, so much of the allowable development cost as the neighborhood homes credit agency certifies...

    Defines what constitutes 'qualified development cost' for the purposes of the credit.

  • SEC. 42A(d)

    the term 'qualified project' means a project that...

    Defines what qualifies as a 'qualified project' eligible for the credit.

  • SEC. 42A(e)

    the term 'qualified census tract' means a census tract...

    Establishes the criteria for identifying 'qualified census tracts' which can participate in the revitalization program.

  • SEC. 42A(f)

    the term 'qualified residence' means a residence that consists of...

    Defines the types of residences that are eligible for the Neighborhood Homes Credit.

  • SEC. 42A(2)(A)

    the term 'affordable sale' means a sale to a qualified homeowner...

    Defines what constitutes an 'affordable sale' under the parameters of the tax credit.

  • SEC. 42A(g)

    the neighborhood homes credit agency...

    Establishes the role of the neighborhood homes credit agency in managing allocations.

  • SEC. 42A(h)

    the Secretary of Housing and Urban Development shall make publicly available a list of qualified census tracts...

    Requires HUD to maintain and share a list of qualified census tracts for transparency and eligibility management.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 108 co-sponsors · 438 not signed on

Sponsors (1)

Co-sponsors (108)

Not signed on (438)

438 members have not signed on to this bill.

Show all 438 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

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Frequently asked questions

What does HR 2143 do?
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.
Who sponsors HR 2143?
HR 2143 is sponsored by Higgins, Brian (Democratic), Kelly, Mike (Republican), Kaptur, Marcy (Democratic), Fitzpatrick, Brian K. (Republican), Beatty, Joyce (Democratic), Kim, Andy (Democratic), Sewell, Terri A. (Democratic), García, Jesús G. "Chuy" (Democratic), Courtney, Joe (Democratic), Mfume, Kweisi (Democratic), Omar, Ilhan (Democratic), Swalwell, Eric (Democratic), LaHood, Darin (Republican), Walorski, Jackie (Republican), Stivers, Steve (Republican), Larson, John B. (Democratic), Gonzalez, Anthony (Republican), Bacon, Don (Republican), Van Drew, Jefferson (Republican), Katko, John (Republican), Stauber, Pete (Republican), McCollum, Betty (Democratic), Upton, Fred (Republican), Malliotakis, Nicole (Republican), Kelly, Robin L. (Democratic), Roybal-Allard, Lucille (Democratic), Aguilar, Pete (Democratic), Kustoff, David (Republican), Bishop, Sanford D. (Democratic), McCaul, Michael T. (Republican), Doyle, Michael F. (Democratic), Evans, Dwight (Democratic), Schiff, Adam B. (Democratic), Soto, Darren (Democratic), Scott, David (Democratic), Mooney, Alexander X. (Republican), McBath, Lucy (Democratic), Lawson, Al, Jr. (Democratic), Wittman, Robert J. (Republican), Huffman, Jared (Democratic), Trahan, Lori (Democratic), DeGette, Diana (Democratic), Axne, Cynthia (Democratic), Smucker, Lloyd (Republican), Garamendi, John (Democratic), Herrera Beutler, Jaime (Republican), Gallego, Ruben (Democratic), McKinley, David B. (Republican), Napolitano, Grace F. (Democratic), Kilmer, Derek (Democratic), Yarmuth, John A. (Democratic), Sherman, Brad (Democratic), DeSaulnier, Mark (Democratic), Ryan, Tim (Democratic), Frankel, Lois (Democratic), Titus, Dina (Democratic), Johnson, Bill (Republican), Himes, James A. (Democratic), Joyce, David P. (Republican), Davids, Sharice (Democratic), Miller, Carol D. (Republican), Kildee, Daniel T. (Democratic), Pascrell, Bill (Democratic), Levin, Andy (Democratic), Bustos, Cheri (Democratic), Salazar, Maria Elvira (Republican), Reschenthaler, Guy (Republican), Tonko, Paul (Democratic), Lawrence, Brenda L. (Democratic), Stansbury, Melanie A. (Democratic), Cleaver, Emanuel (Democratic), Davis, Danny K. (Democratic), Dean, Madeleine (Democratic), Panetta, Jimmy (Democratic), Moulton, Seth (Democratic), Cartwright, Matt (Democratic), Dingell, Debbie (Democratic), Delgado, Antonio (Democratic), Gottheimer, Josh (Democratic), Kim, Young (Republican), Norcross, Donald (Democratic), Wild, Susan (Democratic), Ross, Deborah K. (Democratic), Castor, Kathy (Democratic), Cicilline, David N. (Democratic), Gooden, Lance (Republican), Gonzalez, Vicente (Democratic), McGovern, James P. (Democratic), Brownley, Julia (Democratic), DeLauro, Rosa L. (Democratic), Williams, Nikema (Democratic), Krishnamoorthi, Raja (Democratic), Keating, William R. (Democratic), Lee, Barbara (Democratic), Valadao, David G. (Republican), Timmons, William R. (Republican), Joyce, John (Republican), Brown, Shontel M. (Democratic), Johnson, Henry C. "Hank" (Democratic), Bonamici, Suzanne (Democratic), Kuster, Ann M. (Democratic), Boyle, Brendan F. (Democratic), Hayes, Jahana (Democratic), Long, Billy (Republican), Neguse, Joe (Democratic), Cuellar, Henry (Democratic), Quigley, Mike (Democratic), Carter, Earl L. "Buddy" (Republican), and Jacobs, Sara (Democratic).
What is the current status of HR 2143?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2143?
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