NAIOP, the Commercial Real Estate Development Association, supports the introduction of the “Revitalizing Downtowns and Main Streets Act.” This bipartisan legislation, spearheaded by U.S. Representatives Mike Carey (R-OH) and Jimmy Gomez (D-CA), introduces a groundbreaking 20% tax credit aimed at facilitating the conversion of underutilized or vacant commercial properties into vibrant residential spaces. The proposed bill includes several key provisions: a 20% tax credit for expenses incurred during the conversion of an eligible underutilized or vacant commercial property that is older than 20 years and is capable of being repurposed for residential use; affordable housing for those with incomes at or below 80% of the area median income designated for 20% of converted residential units; additional incentives for rural and economically distressed areas to ensure that all communities can benefit from the legislation; and the ability to combine existing historic tax credits and other incentives offered by municipalities and states.
Source: https://azbigmedia.com/real-estate/naiop-new-legislation-would-revitalize-americas-communities/
