John B. Breaux: “I am honored to reintroduce today, along with my colleagues Senators Jeffords, Graham, Chafee, and Levin, the ``Historic…”

“I am honored to reintroduce today, along with my colleagues Senators Jeffords, Graham, Chafee, and Levin, the ``Historic Homeownership Assistance Act of 2001''. This bill will provide the necessary incentive needed to help preserve, revitalize and restore our Nation's older and historic neighborhoods, which often form the core of many of our Nation's most distinct urban areas. During the 106th Congress, this legislation received bipartisan majority support in the House with 226 sponsors and enjoyed the support of 39 sponsors in the Senate. In the 107th, the House bill, H.R. 1172, sponsored by Rep. Clay Shaw, H.R. 1172, is already endorsed by 72 Members to date. This bipartisan proposal would create a historic homeowners tax credit directed toward housing stock in deteriorating neighborhoods and communities located in more than 11,000 Federal, State and local historic districts in all 50 states and the District of Columbia. It would allow homebuyers and homeowners to take a 40 percent federal tax credit on residential properties they rehabilitate for use as their primary residence. If enacted, a historic homeowners tax credit would be a useful tool to preserve historic neighborhoods and homes in small towns and urban areas; make homeownership more affordable for less affluent families; revitalize deteriorating older neighborhoods; strengthen the tax base for local governments; and combat sprawl and urban blight.”