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Reps. Tom Reynolds and Ben Cardin Introduce Homeownership Tax Credit Bill

Wednesday, April 13, 2005 - 7:45AM

A homeownership tax credit (HOTC) bill was introduced yesterday in the House by Reps. Tom Reynolds, R-N.Y., and Ben Cardin, D-Md. to spur the production of affordable housing. H.R. 1549, the Renewing the Dream Tax Credit Act, again proposes a credit modeled after the low-income housing tax credit (LIHTC); developers and investors could receive a tax credit of up to 50 percent of the cost of constructing a new home or rehabilitating an existing property. For the fifth consecutive year, the homeownership tax credit was also funded in the Bush Administration's proposed annual budget. Similar legislation received strong bipartisan support in both the House and the Senate, garnering more than 300 House cosponsors during the 108th Congress.

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