In Support of The Neighborhood Homes Investment Act
Adopted at the 93rd Annual Meeting in 2025
WHEREAS, it is particularly difficult to develop and rehabilitate homes in distressed urban and rural communities, where construction costs often exceed the value of the home; and
WHEREAS, we need to build more affordable, single-family homes for working families ready for homeownership. At the same time, we must help current homeowners in older homes make critical repairs so they can build and pass on generational wealth; and
WHEREAS, the Neighborhood Homes Investment Act, a bipartisan solution designed to expand homeownership supply and revitalize neighborhoods throughout the country was introduced in Congress by Congressman John Larson (CT-01) and Congressman Mike Kelly (PA-16); and
WHEREAS, the Neighborhood Homes Investment Act will create a new tax credit to bridge the gap between the cost of building or repairing a home and the home's value once its built. The tax credit covers up to 40% of the costs of building a new home for sale, and up to 50% of the costs for rehabilitating owner-occupied homes. Further, the Act will utilize a successful public-private partnership model to target communities in greatest need; and
WHEREAS, the Neighborhood Homes Investment Act targets communities that have been left behind. Homes eligible for the tax credit must generally be located in communities characterized by relatively high poverty rates, low median family incomes, and low home values; and
WHEREAS, the projected impact over 10 years with an average Neighborhood Homes Tax Credit of $60,000 would be 500,000 homes built or substantially rehabilitated; $151 billion in total development activity; 1.1 million jobs in construction and related industries; $102.7 billion in wages and salaries; and $45.6 billion in federal, state and local tax revenues and fees; and
WHEREAS, dozens of national organizations have expressed strong support for this bill including the National Association of Affordable Housing Lenders, LISC, National Community Stabilization Trust, Bipartisan Policy Center, Enterprise Community Partners, Habitat for Humanity, Housing Assistance Council, National Housing Conference, National Council of State Housing Agencies, and more;
NOW, THEREFORE, BE IT RESOLVED, that The United States Conference of Mayors strongly urges Congress to enact the National Homes Investment Act; and
BE IT FURTHER RESOLVED, the nation's mayors applaud the bi-partisan nature of this bill and the focus on addressing the housing supply problem crippling our cities.