H.R. 4210 · 112th Congress
Restore our Neighborhoods Act of 2012
- Stage
- In committee
- Sponsor
- Steven LaTourette
- Introduced
- 2012-03-19
- Latest action
- 2012-04-26 · Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Summary
Restore our Neighborhoods Act of 2012 - 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 that have greater numbers of vacant or foreclosed properties and higher unemployment rates (qualified states).