Historic Homeownership Assistance Act

The Historic Homeownership Assistance Act (S. 920) would create a federal tax credit for homeowners who renovate and live in certified historic houses. Under this bill, individuals could claim a credit worth 20% of their qualified rehabilitation expenses, up to a maximum of $40,000, to help offset the costs of restoring a historic property used as a primary residence.

For citizens who may not have enough tax liability to use the full credit, the bill offers an alternative "mortgage credit certificate" that can be transferred to a bank in exchange for a lower interest rate on a home loan. This legislation aims to make the preservation of historic neighborhoods more affordable for middle-income families by providing direct financial incentives for the substantial repair and maintenance of aging housing stock.