Larson, Kelly Introduce Bipartisan Bill to Build and Preserve Affordable, Single-Family Homes

Washington, D.C. – RealEstateRama – Reps. John B. Larson (CT-01) and Mike Kelly (PA-16) introduced the bipartisan Neighborhood Homes Investment Act.

“I am proud to join my colleague, Rep. Mike Kelly, to introduce a bipartisan solution to bring down costs and increase the supply of affordable housing,” said Larson. “The Neighborhood Homes Investment Act will tackle our housing crisis by incentivizing the construction of new homes and the revitalization of vacant homes in need of repair. We will continue to work together to spur the development of good, quality housing in the Northeast and across the country, and make homeownership a reality for more of our nation’s families.”

“The Neighborhood Homes Investment Act will allow homeowners and developers to not only affordably restore beautiful homes, but also to build and create more affordable housing in communities that need it the most. For the families whose dreams of homeownership feel unattainable, this bill could make those dreams closer to reality,” said Kelly. “I am proud to join my colleagues in leading the bipartisan Neighborhood Homes Investment Act, which will create stronger homes, stronger families, and stronger neighborhoods.”

“The bipartisan Neighborhood Homes Investment Act represents a transformative opportunity to address housing inequities and revitalize our communities,” said Hartford Mayor Arunan Arulampalam. “Congressman Larson’s leadership on this legislation aligns perfectly with Hartford’s vision, shown by our recent launch of a local version of this initiative in partnership with Governor Lamont. By turning vacant lots into affordable homeownership opportunities, we are not only building homes but also creating pathways for generational wealth and neighborhood stability. This federal tax credit will empower cities like Hartford to close the value gap in distressed neighborhoods, ensuring that families can access safe, affordable housing while strengthening the fabric of our communities.”

“Hard-working Americans ready for homeownership need more opportunities to find a modest, affordable home. The Neighborhood Homes Investment Act is a smart solution that will seed thriving communities, attract thousands of jobs, and unlock new economic potential – after all, homes are where jobs go to live,” said Sarah Brundage, President and CEO of the National Association of Affordable Housing Lenders. “We applaud Representatives Mike Kelly and John Larson for leading the bipartisan solution to more affordable homeownership supply. Erie, Hartford, and communities nationwide – especially hard-to-reach and underserved communities – will benefit from the investments into starter homes that the Neighborhood Homes Investment Act will unlock.”

The Neighborhood Homes Investment Act creates a new tax credit to bridge the gap between the cost of building or repairing a home and the home’s value once it is built. By incentivizing developers to build and renovate homes in under-resources urban and rural communities, Larson and Kelly’s bill could spur the development of 500,000 affordable, single-family homes over the next ten years.

In addition to Larson and Kelly, original cosponsors include: Terri Sewell (AL-07), Danny K. Davis (IL-07), Jimmy Panetta (CA-19), Randy Feenstra (IA-04), Vern Buchanan (FL-16), Carol Miller (WV-01), Mike Carey (OH-15), David Kustoff (TN-08), Nicole Malliotakis (NY-11), and Nathaniel Moran (TX-01).

You can view a full list of organizations supporting the Neighborhood Homes Investment Act HERE.

Full text of the bill can be found HERE.