Property Type

WASHINGTON, D.C. — U.S. Reps. Mike Carey (R-Ohio) and Jimmy Gomez (D-Calif.) have proposed a bill to address the housing crisis in the United States. Dubbed the Revitalizing Downtowns and Main Streets Act, the bill would include a 20 percent tax credit for expenses attendant upon converting certain underutilized or vacant commercial property older than 20 years for residential use. Additionally, the legislation includes a stipulation that 20 percent of the converted residential units be designated for residents earning at or below 80 percent of the area median income (AMI), as well as incentives for rural and economically distressed areas and the ability to combine existing historic tax credits and other state and municipality incentives. NAIOP (National Association for Industrial and Office Parks) commended the proposed legislation, with president and CEO Marc Selvitelli stating that it “will spur the conversion of vacant spaces that can stimulate local economies and begin to address the housing crisis in communities across the United States.”