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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.
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Additional Information
Print number: 118_HR_9002
Sponsor: Rep. Carey, Mike [R-OH-15]
Process start date: 2024-07-11
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Revitalizing Downtowns and Main Streets Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9002.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-07-11.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Carey, Mike [R-OH-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Real Estate Economy