Mayors Support Historic-Home Tax Credits

The proposed Historic Homeownership Assistance Act received the support of the U.S. Conference of Mayors during its summer meeting in Madison, Wis. The act, which has been in the Senate Finance Committee for more than a year, would provide a 20% federal income tax credit for as much as $40,000 in expenses for rehabilitating a home located in a federal, state or local historic district. The tax credit also applies to the first purchasers of a newly renovated historic home that will be used as their primary residence.

The mayors approved a resolution introduced by Richmond, Va., Mayor Rudolph McCollum that noted that the act would “encourage the revitalization of historic urban neighborhoods, make city neighborhoods more attractive for many home buyers, boost community development efforts and increase the availability of affordable housing.”