Larson Applauds U.S. Conference of Mayors Endorsement of Bipartisan Neighborhood Homes Investment Act

East Hartford, CT - Today, Rep. John B. Larson (CT-01) applauded the U.S. Conference of Mayors for endorsing the bipartisan Neighborhood Homes Investment Act he introduced with Rep. Mike Kelly (PA-16). Hartford Mayor Arunan Arulampalam introduced the resolution in support of the legislation that was adopted at the mayors’ annual gathering. 

“Construction costs and mortgage rates remain high across the country, pushing homeownership out of reach for far too many families,” said Larson. “The Neighborhood Homes Investment Act is a bipartisan solution to tackle our housing crisis by incentivizing the construction of new homes and the revitalization of often vacant homes in need of repair. I want to thank Mayor Arulampalam for his vision and leadership on this issue, and the U.S. Conference of Mayors for their support. At a time when our nation faces a shortage of four million homes, Congress must act.” 

Earlier this year, Hartford Mayor Arunan Arulampalam announced the launch of a $4 million pilot program modeled after the Neighborhood Homes Investment Act for smaller Hartford developers to rehabilitate single or multi-family homes. 

“I’m proud that the U.S. Conference of Mayors has adopted the resolution I authored in support of the Neighborhood Homes Investment Act,” said Arulampalam. “This bipartisan legislation is a game-changer for cities like ours, where too many families are locked out of homeownership opportunities. Here in Hartford, we are launching a first-in-the-nation pilot program to put the homeownership initiatives outlined in the bill into action, demonstrating our commitment to revitalizing our neighborhoods and supporting our residents. I thank Congressman Larson for his leadership in Congress and urge lawmakers to pass this critical bill to revitalize communities in Hartford and across the country.”  

The Neighborhood Homes Investment Act creates a new tax credit to bridge the gap between the cost of building or repairing a home and the home’s value once it is built. By incentivizing developers to build and renovate homes in under-resourced urban and rural communities, Larson and Kelly’s bill could spur the development of 500,000 affordable, single-family homes over the next ten years.   

You can view a full list of organizations supporting the Neighborhood Homes Investment Act HERE.