Tax Credit for Converting Commercial Buildings into Affordable Housing
This act establishes a new tax credit to incentivize developers to convert older commercial properties, such as offices, into residential buildings. The primary goal is to increase the supply of affordable housing for low and moderate-income individuals and revitalize downtown areas. To qualify, a minimum of 20% of the units must be rent-restricted and reserved for residents earning 80% or less of the area median income for 30 years.
Key points
A 20% investment tax credit is offered for costs related to converting non-residential buildings (like offices) into housing.
Affordability requirement: At least 20% of units must be reserved for low-income tenants (80% or less of area median income) for a 30-year period.
The national credit limit is set at $12 billion, with additional funds available for economically distressed areas.
The initiative aims to boost housing supply and support economic revitalization in city centers.
Expired
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