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Tax Credits for Office-to-Residential Conversions: Boosting Housing Supply.

This new act introduces tax credits for businesses and individuals converting commercial office buildings into residential units. The goal is to increase housing availability and potentially lower housing costs. An advisory board will also be established to assist local authorities in implementing these conversion projects, which could accelerate the creation of new homes in urban areas.
Key points
Businesses converting office buildings to residential units can receive a 15% tax credit on conversion costs, up to $200,000 per unit or $10 million per building.
Additional credits are available if a portion of the units are designated for affordable housing or if prevailing wages are paid to workers.
A new advisory board will support local governments in identifying and advancing conversion projects, offering guidance on planning and funding.
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Status: Introduced
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Additional Information
Print number: 119_HR_537
Sponsor: Rep. Sherrill, Mikie [D-NJ-11]
Process start date: 2025-01-16
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

INCREASE Housing Affordability Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_537.

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 2025-01-16.

What are the main provisions?

Key points include:

  • Businesses converting office buildings to residential units can receive a 15% tax credit on conversion costs, up to $200,000 per unit or $10 million per building.
  • Additional credits are available if a portion of the units are designated for affordable housing or if prevailing wages are paid to workers.
  • A new advisory board will support local governments in identifying and advancing conversion projects, offering guidance on planning and funding.
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. Sherrill, Mikie [D-NJ-11].

What is the latest detailed status?

The latest detailed status is: ASSUMING FIRST SPONSORHSIP - Mr. Magaziner asked unanimous consent that he may be hereafter be considered as the first sponsor of H.R. 537, a bill originally introduced by Representative Sherrill, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Real Estate Public Investments