WHEREAS, Representatives Russ Carnahan (D-MO) and Charles Rangel (D-NY) have introduced the bipartisan Preserve America Act of 2007 (HR 610), and

WHEREAS, HR 610 would increase the Historic Preservation Tax Credit from 20 percent of qualified rehabilitation expenditures to 25 percent of qualified rehabilitation expenditures and up to 130 percent of such expenditures in low-income, high-cost areas, and

WHEREAS, HR 610 would also expand eligibility for the Historic Preservation Tax Credit to include all certified historic structures that are over 50 years old, and

WHEREAS, HR 610 would create a new Historic Homeownership Rehabilitation Tax Credit that would provide homeowners with a tax credit of up to $40,000 for the costs of rehabilitating a qualified historic primary residence, and

WHEREAS, both the owners of single and multi-family residences could claim the Credit, and

WHEREAS, taxpayers without sufficient tax liability to claim the Credit could instead opt for a mortgage credit certificate that would lower their mortgage interest rate, and

WHEREAS, the Credit would not be refundable but could be carried forward to future tax years, and

WHEREAS, the Credit could be transferred to new owners if the home is sold within five years of the Credit first being claimed, and

WHEREAS, homes located in federally, state and locally designated historic districts would qualify for the Credit, and

WHEREAS, rehabilitation standards for the Credit would be the same as those under the Historic Preservation Tax Credit but could be relaxed in the case of non-National Register of Historic Places homes located in Empowerment Zones, Renewal Communities, low-income census tracts and areas designated by a state as chronically distressed if relaxed standards are necessary to prevent further deterioration or demolition of the home or adverse impacts on neighboring properties and the community, and

WHEREAS, acquisition and enlargement costs would not be eligible for the Credit, and

WHEREAS, proposal to create a Historic Homeownership Rehabilitation Tax Credit received broad bipartisan support in the past, and

WHEREAS, the Historic Homeownership Rehabilitation Tax Credit would spur efforts to revitalize historic urban neighborhoods and preserve historic homes,

NOW THEREFORE BE IT RESOLVED THAT the United States Conference of Mayors supports the general goals of HR 610, and

BE IT FURTHER RESOLVED that the United States Conference of Mayors specifically supports the creation of a Historic Homeownership Rehabilitation Tax Credit and the expansion of the Historic Preservation Tax Credit as outlined in HR 610.