Rep. Portman Introduces Renewing the Dream Credit Act
On February 13, Rep. Rob Portman (R-Ohio) introduced the Renewing the Dream Tax Credit Act, H.R. 839, to create a new, state-administered homeownership development credit much like the credit the Bush Administration has proposed for the third consecutive year in its fiscal year 2004 budget. The bill is nearly identical to H.R. 5052, introduced in the 107th Congress. It would establish a homeownership development tax credit, modeled after the low-income housing tax credit (LIHTC), that state housing finance agencies would award developers of for-sale housing in state-designated areas of chronic economic distress, census tracts with median incomes that do not exceed 80 percent of the greater of area or statewide median income, rural areas and Indian reservations.