The Revitalizing Downtowns and Main Streets Act creates a federal tax credit to encourage the conversion of vacant commercial buildings into affordable housing. The bill provides a 20 percent investment tax credit for the costs of converting non-residential buildings that are at least 20 years old into housing where at least 20 percent of units are reserved for people earning up to 80 percent of area median income and remain affordable for 30 years. The legislation establishes a national pool of $12 billion in tax credit allocations, with an additional $3 billion reserved for projects in economically distressed areas, distributed to states based on population and managed through state housing agencies. State housing agencies must develop allocation plans that consider factors like local support, proximity to jobs and transportation, and community economic benefits. The tax credit becomes available immediately for qualified projects placed in service after the bill's enactment, and investors can transfer unused credits to other parties.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.