H.R.656 - Restore our Neighborhoods Act of 2013113th Congress (2013-2014)
Summary: H.R.656 — 113th Congress (2013-2014)
Introduced in House (02/13/2013)
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.