Abandoned Property Revitalization and Manufacturing Incentive Act

Economy
1

Section 1: Purpose

To eliminate abandoned and vacant properties and promote new housing and manufacturing facilities in the United States.

Section 2: Definitions

  • Abandoned Property: Any residential or commercial property that has been vacant for more than 12 consecutive months and is deemed unsafe or uninhabitable by local authorities.
  • Demolition: The act of tearing down abandoned structures that meet the criteria for removal.
  • Incentives: Financial or tax benefits offered to builders and manufacturers to promote new construction and operations in the U.S.

Section 3: Demolition of Abandoned Properties

  1. Identification:
  • Local governments shall identify and catalog all abandoned, vacant, and uninhabitable properties within their jurisdictions.
  1. Demolition Process:
  • Properties identified as abandoned shall be subject to demolition within 18 months of identification, unless the owner can demonstrate a plan for rehabilitation.
  1. Funding for Demolition:
  • Federal and state funds shall be allocated to assist local governments in the demolition process, prioritizing areas with high rates of abandonment.

Section 4: Incentives for New Construction

  1. Builder Incentives:
  • Builders who construct new residential homes or commercial properties in areas where demolitions have occurred will receive:
    • Tax credits for each new unit built.
    • Grants for infrastructure improvements related to new developments.
    • Reduced permitting fees for new constructions.
  1. Streamlined Regulations:
  • Local governments must establish fast-track permitting processes for new construction projects in revitalized areas.

Section 5: Incentives for Manufacturers

  1. Manufacturing Facility Incentives:
  • Manufacturers that build or reopen facilities in the U.S. will receive:
    • Tax incentives based on the number of jobs created.
    • Grants for workforce training programs.
    • Assistance in securing necessary permits and approvals.
  1. Support for Local Economies:
  • Local governments may partner with manufacturers to provide additional incentives, such as property tax abatements for a defined period.

Section 6: Reporting and Accountability

  • Annual reports shall be submitted to Congress detailing the number of properties demolished, new homes and businesses constructed, and jobs created as a result of this law.

Section 7: Effective Date

  • This law will take effect within 6-12 months

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