HR 2410
Revitalizing Downtowns and Main Streets Act
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- Passed House
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- Became Law
Bill overview
The Revitalizing Downtowns and Main Streets Act creates a new tax credit to encourage the conversion of non-residential buildings into affordable housing. This credit, equal to 20% of qualified conversion expenditures, is designed to incentivize investment in revitalizing downtown areas and supporting affordable housing options. The credit is subject to state allocation limits and specific requirements regarding the affordability and location of the resulting housing units, aiming to prioritize projects that benefit economically distressed areas and contribute to community revitalization.
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