THE BENEFITS AND TECHNIQUES TO MAKE IT HAPPEN
The Revitalizing Downtowns Act would provide a 20-percent tax credit for qualified property conversion expenditures.
The credit is modeled on the historic rehabilitation tax credit and can be used for office buildings that are at least 25 years old at the time of the conversion.
Under the bill, a conversion to housing may qualify for the credit if the project provides at least 20 percent affordable housing dedicated to households whose income does not exceed 80 percent of the Area Median Income.
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