Tax Credit for Converting Commercial Buildings into Affordable Housing.
This Act establishes a new tax credit (20% of costs) to encourage developers to convert older commercial buildings, such as offices, into residential units. The goal is to increase the supply of affordable housing and revitalize downtown areas. To qualify, at least 20% of the units must be reserved for low-income individuals (80% or less of the area median income) for a 30-year period.
Key points
A new 20% tax credit is available for costs related to converting non-residential buildings into housing.
Requirement: At least 20% of the new units must be rent-restricted and reserved for low-income tenants for 30 years, increasing housing options for those with limited income.
The credit is allocated by state agencies and has a national funding limit of $12 billion, plus additional funds for distressed areas.
Status:
Expired
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