A bipartisan group of U.S. lawmakers has pledged support for an affordable housing bill that could lead to the development of 500,000 starter homes in struggling communities over the next decade, The Hill reported. The Neighborhood Homes Investment Act, introduced in both the House and Senate, would offer a tax incentive to developers to minimize their risk when building or rehabilitating existing housing. In some areas of the U.S., the cost of rehabilitating or building a home could exceed the eventual sale price. This bill would fill the “value gap,” up to 35 percent of eligible development costs for new homes. The bill currently has the support of 124 U.S. lawmakers across 37 states, and lawmakers have stressed the urgency to pass the bill before the end the current legislative session. “It is critical that we get the Neighborhood Homes Investment Act over the finish line,” Sen. Rob Portman (Ohio), the lead Republican sponsor of the bill, said in a statement. The Neighborhood Homes Coalition estimates that the Neighborhood Homes Investment Act could lead to 785,714 jobs in construction and construction-related industries, $42.9 billion in wages and salaries, and $29.3 billion in federal, state and local tax revenues and fees.
