THE BENEFITS AND TECHNIQUES TO MAKE IT HAPPEN
The coalition has asked the Revitalizing Downtowns Act’s sponsors to expand it to also cover malls, shopping centers, industrial properties, hotels and even schools and to extend the incentive to real estate investment trusts that invest in these kind of revitalization projects.
A letter of support for the new tax credits emphasizes that adaptive reuse can help address the severe housing shortage as well as post pandemic repositioning of real estate.
The letter emphasizes that
adaptive reuse adds to the tax rolls that virtually all local governments rely
on to fund municipal services.
“We are looking for bipartisan support,” Evan Liddiard, CPA, director, Federal Taxation | Federal Policy and Industry Relations for NAR, said.
“A successful conversion takes an unused building and makes it worthwhile. It boosts the supply of housing and especially affordable housing.
It’s a boon to
the economy because of all the jobs created in redeveloping the buildings and
the new capital infused in the neighborhoods.”
No comments:
Post a Comment