INCREASE Housing Affordability Act
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Summary
The bill amends the Internal Revenue Code to add a new commercial-to-residential tax credit under section 48F, equal to 15 percent of qualified conversion expenditures for buildings converted from office use to residential or residential-retail mixed use. The credit is capped at $200,000 per new residential unit and $10,000,000 per building, and it can be increased by bonus credits for buildings with a share of rent-restricted units for lower-income tenants or for projects meeting prevailing wage requirements. The bill also directs support and technical assistance to state and local housing agencies to identify conversion opportunities for underutilized commercial buildings.
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How your representatives voted
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