The bill would create a neighborhood homes tax credit for qualified residences sold in affordable sales, generally limited to the lesser of the development-cost gap, 40 percent of eligible development costs, or 32 percent of the national median sale price for new homes. Eligible projects would be located in qualified census tracts and completed or sold within five years after allocation; qualified homeowners generally would have family income at or below 140 percent of area median family income. State neighborhood homes credit agencies would allocate credits, administer standards and reporting, and may require repayment of part of the gain if a residence is sold during the five-year period.

FactVote-generated overview; it is not an official CRS summary.