1. Short title This Act may be cited as the Neighborhood Homes Investment Act . 2. Findings and Sense of Congress (a) Findings Congress finds the following: (1) Experts have determined that it could take nearly a decade to address the housing shortage in the United States, in large part due to increasing housing prices and decreased housing inventory. (2) The housing supply shortage disproportionately impacts low-income and distressed communities. (3) Homeownership is a primary source of household wealth and neighborhood stability. Many distressed communities have low rates of homeownership and lack quality, affordable starter homes. (4) Housing revitalization in distressed communities is prevented by the value gap, the difference between the price to rehabilitate a home and the sale value of the home. (5) The Neighborhood Homes Investment Act can address the value gap to increase housing rehabilitation in distressed communities. (6) The Neighborhood Homes Investment Act has the potential to generate 500,000 homes over 10 years, $125,000,000,000 of total development activity, over 800,000 jobs in construction and construction-related industries, and over $35,000,000,000 in Federal, state, and local tax revenues. (b) Sense of Congress It is the sense of Congress that the neighborhood homes credit (as added under section 3 of this Act) should be administered in a manner which— (1) is consistent with the Fair Housing Act of 1968 ( 42 U.S.C. 3601 et seq. ); (2) empowers residents in eligible communities