Bill Would Give a Break to Low Income Housing Developers
Legislators are considering a new bill that could provide a new tax credit possibility for real estate investors. The bill would distribute funds to states to encourage development of low cost housing.
“State housing finance agencies would distribute credits to developers who construct or rehabilitate homes in below-median income areas. Homebuyer incomes must also be below the state median.
Investors could receive a tax credit of up to 50 percent of the cost of developing each home.”
This could be a huge boost to anyone considering rehabbing houses, making investing in affordable housing a great opportunity.
Found via The Millionaire Blog.