Findings and sense of Congress

(a) Findings Congress finds the following: (1) Experts have determined that it could take nearly a decade to address the housing shortage in the United States, in large part due to increasing housing prices and insufficient supply. (2) The housing supply shortage disproportionately impacts low-income and distressed communities. (3) Homeownership is a primary source of household wealth and neighborhood stability. Many distressed communities have low rates of homeownership and lack quality, affordable starter homes, while many individuals who own their homes have difficulty securing financing for home repairs and improvements. (4) Housing construction in distressed communities is prevented by the value gap, the difference between the cost to develop a home and the sale price of the home. (5) The Neighborhood Homes Investment Act can close these financing gaps to increase housing development and rehabilitation in distressed communities. (b) Sense of Congress It is the sense of Congress that the neighborhood homes credit (as added under section 3 of this Act) should be an activity administered in a manner which— (1) revitalizes distressed communities in rural and urban geographies; (2) minimizes application burdens on small businesses applying for such credit; and (3) is consistent with the Fair Housing Act of 1968 (42 U.S.C. 3601 et seq.).