Low-to-Moderate Income Home Ownership Tax Credit Act

Low-to-Moderate Income Home Ownership Tax Credit Act - Amends the Internal Revenue Code to establish a low-to-moderate home ownership credit based upon an applicable percentage of each qualified low-to-moderate income building's qualified basis.

Excludes from gross income certain gain from the sale of such housing.

Makes the rehabilitation credit applicable to buildings, other than certified historic structures, that are at least 50 years old. (Current law requires a building to have been placed in service before 1936.)