Creates a new federal tax credit called the Neighborhood Homes Credit to encourage construction or rehabilitation of for-sale homes sold at restricted "affordable sale" prices in distressed or underserved neighborhoods. States will receive limited annual allocation authority to award credits to qualifying projects; the credit amount is capped by cost-based formulas and the national median new-home price, and sellers/recipients must follow compliance, reporting, and recapture rules. The rules generally take effect for taxable years beginning after December 31, 2025.