Congressman Neal Dunn to push Residential Recovery Zone Act

Congressman Neal Dunn introduced a bill to incentivize both residential development and homeownership in disaster areas. (WJHG/WECP)
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BAY COUNTY, Fla. (WJHG/WECP) - Congressman Neal Dunn is pushing a new bill which could help homeowners and others recover from Hurricane Michael.

If passed, the bill would create new Residential Recovery Zones.

Homeowners in disaster areas would qualify for a refundable homebuyer tax credit of up to $8,000 if they purchase a home within a three-year time period after designation.

The bill would allow banks to earn CRA (Community Reinvestment Act) credit for loaning to people who purchase homes in the area.

The bill also allows the state to make certain federally-declared disaster areas "Opportunity Zones" which provide direct tax incentives to investors.

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