Tax credits to promite home ownership in distressed areas.

Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis. Makes such credit available to residences (including factory built homes) located:

1. in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income;
2. in a rural area;
3. on an Indian reservation; or
4. in an area of chronic economic distress.