A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax to an individual who constructs, purchases, or rehabilitates a principal residence in a revitalization area and to a lending institution which provides financing for such an individual.

[AI summary unavailable — showing source text] Title I: Tax Credits - Tax Incentives for Neighborhood Revitalization Act - Amends the Internal Revenue Code to allow a limited income tax credit to individuals for the purchase, construction, or rehabilitation of a principal residence located in an area designated by the Secretary, in consultation with the Secretary of Housing and Urban Development, as a neighborhood revitalization area. Allows a limited credit to lending institutions which finance such purchase, construction, or rehabilitation. Allows individuals a credit for that portion of their State and local property taxes attributable to improvements directly related to rehabilitation expenditures for which the taxpayer is allowed a credit under this title. Title II: Neighborhood Revitalization Designation and Plans - Neighborhood Revitalization Act - Directs units of local government which wish to have the provisions of Title I of this Act apply to an area within their boundaries to designate the area a "neighborhood revitalization area." Requires such a designation to be approved by the Secretary of the Treasury if certain requirements are met and a finding is made that the area is declining.…