HR 9002
Revitalizing Downtowns and Main Streets Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Revitalizing Downtowns and Main Streets Act aims to encourage the conversion of non-residential buildings into affordable housing by providing a tax credit. This credit, equal to 20% of qualified conversion expenditures, is designed to incentivize developers to rehabilitate existing structures and create affordable housing units. The legislation also establishes rules for allocating the credit among states, prioritizing economically distressed areas and rural historic preservation projects, and includes provisions to ensure the credit is used effectively and efficiently.
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Primary sponsor
Cosponsors
Barbara Lee
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