H.R.656 - Restore our Neighborhoods Act of 2013

To provide $4,000,000,000 in new funding through bonding to empower States to undertake significant residential and commercial structure demolition projects in urban and other targeted areas, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To provide $4,000,000,000 in new funding through bonding to empower States to undertake significant residential and commercial structure demolition projects in urban and other targeted areas, and for other purposes. as introduced.
  • Short: Restore our Neighborhoods Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/13/13
 
 
 
 
 
 
 

Official Summary

Restore our Neighborhoods Act of 2013 - Amends the Internal Revenue Code to establish a new category of tax credit bonds to be known as qualified urban demolition bonds. Allows the issuance of $4 billion of such bonds for the purpose of demolishing vacant, abandoned, and tax delinquent prop

Official Summary

Restore our Neighborhoods Act of 2013 - Amends the Internal Revenue Code to establish a new category of tax credit bonds to be known as qualified urban demolition bonds. Allows the issuance of $4 billion of such bonds for the purpose of demolishing vacant, abandoned, and tax delinquent properties in urban areas. Provides for the allocation of $2 billion to all states to fund such demolition projects, and an additional $2 billion for certain other states in which at least 49% of total housing units were built before 1980 and which have greater numbers of vacant or foreclosed properties and higher unemployment rates (qualified states). Authorizes the use of funds from the Hardest Hit Fund program established by title I of the Emergency Economic Stabilization Act to be used to demolish blighted structures.

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