Congressman Darin LaHood meets with community leaders about Neighborhood Homes Investment Act

On Thursday, August 29^th Congressman Darin LaHood (R-IL18) met with local LISC staff, LISC Policy staff, local community development organizations, local affordable housing developers, bankers, realtors, and representatives from municipalities from across Central Illinois, LISC Peoria staff, and LISC policy staff to learn about the Neighborhood Homes Investment Act (NHIA).

The Neighborhood Homes Investment Act calls for the creation of a new federal tax credit that will produce new equity investment dollars for the development and renovation of one to four-family housing in distressed urban, suburban, and rural neighborhoods.

The meeting with Congressman LaHood took place at Goodwill Industries of Central Illinois in Peoria, IL and was well received. LISC Peoria Executive Director, Karen Davis, said, “Representative LaHood appeared interested and energized. Attendees are hopeful about the potential impact of the bill if passed.”

The bill gives single-family neighborhoods across the country the opportunity to try and rehab existing homes instead of tearing them down. The bill also provides an investment source to build new homes in older neighborhoods that haven't seen development in decades or, in some cases, more than 100 years.

In terms of LISC Peoria, the bill would mean a new unique funding source for single-family development in the organization's targeted neighborhoods. “And that is why it is exciting for us,” said Karen. “The bill was introduced in the House of Representatives in June 2019, but is currently under review by the Ways and Means Committee. We’re still at the beginning of the federal legislative process but LISC and the other Neighborhood Homes Coalition members are hopeful we can generate bipartisan support to sponsor, and ultimately pass, the bill.”

You can find out more about the Neighborhood Homes Investment Act here.