Contact Preservation Action at (202)-659-0915 if you want to know you can press your Representative to support this legislation!!!
The Historic Homeownership Assistance Act of 1995 *This act has not passed yet
This is NOT another large federal program but an incentive for people committted to turning decaying buildings in primary residences. The credit would reach out to current homeowners as well as the many middle class families currently on the cusp of homeownership. Rehabilitation activities would provide jobs for area residents of diverse incomes. Furthermore, this reinvestment would bring back the tax base, take advantage of our cities well developed infrastructure, and save taxpayer dollars.
Single-family and multi family residences, condominiums, and cooperatives listed on the National Register of Historic Places would qualify and the credit could be taken for a portion of a qualified building used as a principle residence.
A 20% Federal INCOME TAX CREDIT TO HOMEOWNERS WHO REHABILITATE OR BUY a qualified rehabbed historic house. The credit is limited to $50,000 for each principal residence. Expenditures must be greater than $5,000 or the adjusted basis, with exceptions for buildings in low income census tracts targeted as distressed, and Enterprise or Empowerment Zones where the minimum would be S5,000. 5% of the rehabilitation expenditure must be spent on the exterior THE "PASS THROUGH" FEATURE: A developer may rehab a qualifying properly and sell it to a homeowner with the credit. The homeowner may apply the credit to tax liability over a number of years but, if the property is sold before 5 years the credit is subject to ratable recaptures.
Taxpayers with little or no tax liability may convert
the credit into a mortgage credit certificate to obtain a mortgage interest
rate reduction from the lender. STANDARDS FOR REHAB: The Secretary of Interior's
Standards are required, but final certification will consider such factors
as location in a "targeted area," Enterise Zone, or Empowerment
Zone.
CO-SPONSORS TO DATE IN THE HOUSE: Gose, (R-FL), Moakley (I-MA), Hutchinson
(R-AR), Gephardt (I-MO),Torkildsen (R-MA), Maloney (I)-NY), Richardson(D-NM),
Hinchey (D-NY), Clyburn (D-SC), Sadler (I-NY), McCrery(R-LA), Neal(I-MA),
Zimmer (R-NJ), Baker (R-LA),Hastings (D-FL), Bilbray (R-CA), Jacobs (D-IN),
Dias-Balart(R-FL) Jefferson (D-LA), Gingrich(R-GA), Kennedy (I-RI), Hanson
(R-CT), Mfume (D-MD), Livingston (R-LA), Mollohan (D-WV), Wolf(R-VA), Oberstar
(D-MN), Young (FLA), Rangel (I-NY), Reed (D-RI), Sabo (D-MN), Fraser (IND)Ward
(D-KY)Cardin (D-MD), Dunn (R-WA) English (R-PA), Johnson (I)-SD), Kingston
(SAGA) Kllecza (D-WN, and Minge (D-MN). Senators Chafee(R-RI) and Graham(D-FL)
introduced the measure in the Senate with Johnston (D-LA), Pryor (D-AR)
and Simon (I-IL) as co-sponsors.
The Vermont Heritage Network
The University of Vermont Historic Preservation Program
Wheeler House, University of Vermont
Burlington, VT 05405
(802)656-3180
http://www.uvm.edu/~vhnet
E-mail To: vhnet@zoo.uvm.edu