This bill creates a new federal tax credit to encourage the conversion of older commercial buildings into affordable housing in downtowns and on Main Streets. The credit would allow property owners to claim 20 percent of their conversion costs, up to 30 percent for projects in economically distressed areas or historic rural buildings. To qualify, converted buildings must dedicate at least 20 percent of units to households earning 80 percent or less of the area median income and keep rents affordable for 30 years. The legislation establishes a national pool of $12 billion in tax credits for these conversions, with an additional $3 billion available for projects in economically distressed areas, allocated by state housing agencies based on population and need. The credit would take effect for buildings placed in service after the bill's enactment and includes provisions to prevent fraud, such as requiring state housing agencies to monitor compliance and recapture credits if buildings fail to remain affordable during the required 30-year period.
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