COMMUNITY DEVELOPMENT AND HOUSING 

HISTORIC HOMEOWNERSHIP ASSISTANCE ACT

WHEREAS, many cities in the United States contain thousands of historic buildings which, while fundamentally sound structurally, are in need of repair and restoration; and

WHEREAS, many cities in the United States have seen a diminished livability and quality of life for residents especially of the central areas of these cities who face severe housing problems notably overcrowding and use of deteriorated buildings; and

WHEREAS, the preservation of historic buildings not only increases the number of available housing units, it enhances the quality of life in the area, promotes civic pride and is an economic stimulus; and

WHEREAS, the Historic Homeownership Assistance Act introduced into the 105th Congress as H.R. 1134 and S.496 provides a 20 percent federal income tax credit for homeowners who rehabilitate a qualified house or who buy a rehabbed historic house; and

WHEREAS, by providing a federal income tax credit for homeowners who rehabilitate or buy a qualified historic house, the Act allows someone of more modest means to live in a historic neighborhood and contribute to its restoration; and

WHEREAS, the legislation which applies only to people whose principal residence is restored is neighborhood friendly in that absentee landlords or persons seeking tax shelters do not qualify for the tax break,

NOW, THEREFORE, BE IT RESOLVED that The U.S. Conference of Mayors supports the Historic Homeownership Assistance Act and urges prompt action by Congress.