National Fair Housing Alliance Applauds Sen. Tim Scott’s Support for the Bipartisan Neighborhood Homes Investment Act
FOR IMMEDIATE RELEASE
December 6, 2024
Media Contact: NFHA@skdknick.com
National Fair Housing Alliance Applauds Sen. Tim Scott’s Support for the Bipartisan Neighborhood Homes Investment Act
Washington, D.C. – Today, the National Fair Housing Alliance® (NFHA™) released the following statement from Nikitra Bailey, Executive Vice President, in response to Sen. Tim Scott’s decision to join the bipartisan Neighborhood Homes Investment Act as a co-signer following a recent productive meeting with NFHA™:
“NFHA™ applauds Sen. Tim Scott for joining the bipartisan effort to create solutions to the nation’s fair and affordable housing crisis, one of the most pressing challenges facing consumers and communities today. The Neighborhood Homes Investment Act with fair housing principles added to prevent gentrification can be a powerful tool to help tackle the need to create over 4 million units of affordable housing. The lack of affordable starter homes in urban, suburban, and rural communities is thwarting the ability of first-generation homebuyers to fairly enter homeownership and begin to build family wealth and driving up the cost of rental housing across the U.S. It is also one of the primary reasons why housing continues to drive inflation.
This transformative legislation provides the necessary gap financing to improve blighted properties in economically distressed communities and will help close persistent racial homeownership gaps by prioritizing owner-occupants over investors. At a time when housing affordability and economic inequality are at the forefront of our national conversation, this legislation is a vital step toward every family, regardless of race or background, having the opportunity to thrive and contribute to the economic health of the nation.
Senator Scott’s endorsement further strengthens the bipartisan momentum behind the Neighborhood Homes Investment Act, which has already garnered the support of civil rights, housing, and industry organizations throughout the country. NFHA remains steadfast in its commitment to breaking down barriers to homeownership for communities that deserve a fair opportunity to access the American Dream.”
About the Neighborhood Homes Investment Act
The Neighborhood Homes Investment Act is a practical, high-impact proposal designed to support the renovation and development of up to 500,000 affordable homes for low- and moderate-income families over the next decade. By creating a tax credit to bridge the gap between the cost of construction or rehabilitation and the final sale price, the Act will spur economic growth, increase homeownership opportunities, and stabilize neighborhoods.
The Neighborhood Homes Investment Act targets communities most in need, including those with high poverty rates, low home values, and significant housing disparities. Its anticipated impact includes:
- Rehabilitating or developing 500,000 affordable homes,
- Spurring $125 billion in development activity,
- Creating 861,000 jobs, and
- Generating $26 billion in federal tax revenues.
About the National Fair Housing Alliance
The National Fair Housing Alliance (NFHA) is the country’s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. As the trade association for over 170 fair housing and justice-centered organizations and individuals throughout the U.S. and its territories, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.