Bill Sponsorship: the Community Development Homeownership Tax Credit Act
Source: Bill sponsored by 45 Senators
Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis. Makes such credit available to residences (including factory built homes) located:
in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income;
in a rural area;
on an Indian reservation; or
in an area of chronic economic distress.
Prohibits a buyer's income from exceeding 80 percent (70 percent for families of less than three) of the area gross median income and requires owner occupancy.
Topic: Welfare & Poverty
Headline: Tax credits to promote home ownership in distressed areas