WASHINGTON — Reps. Steve LaTourette and Marcia Fudge of Ohio have introduced a bill that would provide $4 billion for states and land banks to issue newly-created 30-year tax credit demolition bonds to demolish vacant, foreclosed and abandoned homes across the country to prevent “a tsunami of blight.”

LaTourette, a Republican, and Fudge, a Democrat, unveiled the Restore our Neighborhood Act of 2012 on Monday. The bill would provide $2 billion of tax-credit qualified urban demolition bonds, orQUDBs, to all states, resulting in about $40 million per state, while another $2 billion would go to states that have been hardest hit by the foreclosure process.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.