Bill > HR2410

This bill creates a new tax credit to incentivize the conversion of older, non-residential buildings into affordable housing. Specifically, the legislation offers a 20 percent tax credit for qualified conversion expenditures when a commercial building that is at least 20 years old is transformed into housing where at least 20 percent of the units are reserved for individuals earning 80 percent or less of the area median income. The credit is subject to a national limitation of $12 billion, with additional allocations of up to $3 billion possible for conversions in economically distressed areas. To qualify, conversion expenses must exceed either 50 percent of the building's adjusted basis or $100,000, and must be completed within a two-year period. The bill provides special provisions for buildings in qualified census tracts or difficult development areas, offering a higher 30 percent credit if more units are dedicated to lower-income residents. Additionally, there's a bonus credit of 35 percent (up to $2 million) for historic preservation projects in rural areas. The legislation aims to revitalize downtown and main street areas by encouraging the adaptive reuse of aging commercial buildings as affordable housing, with built-in mechanisms to ensure long-term affordability and strategic allocation of credits across different states and communities.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2410/all-info