U.S. Sen. Mark R. Warner (D-VA) is working to encourage new development, expand supply, and make housing more affordable for Virginians.
Warner is pushing two bipartisan bills to boost the housing supply and protect the current housing stock.
“In communities across the Commonwealth, both rural and urban, too many families are struggling to find safe, affordable housing,” Sen. Warner said. “This crisis needs an all-hands-on-deck solution, and that’s why I am proud to continue to look for innovative solutions to help tackle this problem.”
TheNeighborhood Homes Investment Act, introduced with Sen. Todd Young (R-IN), would create a new tax incentive to build and preserve more than 500,000 affordable, single-family homes for homeownership over 10 years in under-resourced communities. The tax credit will cover the cost between building or renovating a home in these areas and the price at which they can be sold. The credits would only be available after the homes have been completed and sold to a homeowner – ensuring the investors, not the government, bear the risk.
The Preserving Rural Housing Investments Act, introduced with Sen. Jerry Moran (R-KS), will support more investment in rural and low-income housing by clarifying the tax-exempt controlled entity rules to ensure that Government Sponsored Enterprises (GSEs), such as Fannie Mae and Freddie Mac, are able to participate in partnerships that are crucial for low-income housing investments.
Since January, Warner has introduced multiple bills to amend the federal tax code to encourage new housing construction and rehabilitation.
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Crystal Graham
