The leading trade group for the securitization industry, the Structured Finance Association (SFA), today announced support for the Neighborhood Homes Investment Act (NHIA), H.R. 3316 and S. 4073, bipartisan legislation to revitalize distressed urban, suburban and rural neighborhoods with federal income tax credits, mobilizing private investment to build and rehabilitate 500,000 homes for low- and moderate-income homeowners over the next decade.

“Driving investment in communities that need it most is a noble cause and one we wholeheartedly support,” said Michael Bright, CEO of the Structured Finance Association. “Through a new, thoughtfully crafted income tax credit, the federal government can help ensure some of our nation’s most vulnerable populations are able to thrive and will provide access to more affordable housing opportunities for low- to moderate-income American families.”

The legislation was introduced in the Senate by Senators Ben Cardin (D-Md.) and Rob Portman (R-Ohio) and is cosponsored by Senators Chris Coons (D-Del.), Sherrod Brown (D-Ohio), Todd Young (R-Ind.) and Tim Scott (R-S.C.). The companion bill was introduced in the House by Representatives Brian Higgins (D-N.Y.) and Mike Kelly (R-Pa.).

A broad coalition has endorsed the new tax credit, including: National Community Stabilization Trust, National Association of Affordable Housing Lenders, Habitat for Humanity, Mortgage Bankers Association, National Association of Realtors, National Fair Housing Alliance, and Quicken Loans, among a host of leading housing policy organizations.