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Tax Credits for Converting Buildings to Affordable Housing

This act introduces a new tax credit for businesses and individuals who convert old non-residential buildings, like offices or stores, into housing. The goal is to increase the availability of affordable housing, especially those with lower rents, and to revitalize downtown areas. This could lead to more affordable housing options in locations with good access to jobs and transportation.
Key points
New Tax Credit: You can receive a 20% credit on costs for converting non-residential buildings into housing, provided certain conditions are met.
Affordable Housing: At least 20% of the units in the converted building must be reserved for lower-income individuals with rent restrictions for 30 years.
Urban Revitalization: The act aims to support local businesses and revitalize urban areas by creating new housing in existing structures.
Additional Benefits: Higher credits are available for projects in economically distressed areas or for historic buildings in rural areas.
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Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2410
Sponsor: Rep. Carey, Mike [R-OH-15]
Process start date: 2025-03-27
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
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 119_HR_2410.

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 2025-03-27.

What are the main provisions?

Key points include:

  • New Tax Credit: You can receive a 20% credit on costs for converting non-residential buildings into housing, provided certain conditions are met.
  • Affordable Housing: At least 20% of the units in the converted building must be reserved for lower-income individuals with rent restrictions for 30 years.
  • Urban Revitalization: The act aims to support local businesses and revitalize urban areas by creating new housing in existing structures.
  • Additional Benefits: Higher credits are available for projects in economically distressed areas or for historic buildings in rural areas.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

CATEGORIES

Taxes Real Estate Public Investments