The Revitalizing Downtowns and Main Streets Act creates a new federal tax credit to encourage the conversion of old commercial buildings into affordable housing. Building owners who convert vacant or underused non-residential properties that are at least 20 years old into housing where at least 20 percent of units are reserved for people earning 80 percent or less of the area median income can claim a credit worth 20 percent of their conversion costs. The legislation sets aside $12 billion nationally for these credits, with an additional $3 billion reserved specifically for projects in economically distressed areas, and allows states to allocate credits through their housing agencies based on community needs and development readiness. The credit applies to conversion projects completed after the bill's enactment and includes special incentives—up to 30 percent or 35 percent credits—for projects in high-poverty areas, rural historic preservation areas, or areas with lower income requirements, making it particularly attractive for revitalizing downtown districts and main street corridors.
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