THE BENEFITS AND TECHNIQUES TO MAKE IT HAPPEN
Federal and state tax credits often are part of the financing stack that make adaptive reuse viable.
But under current law, federal tax credits are limited to historic buildings and often require specialists in the system to consult on the deal, due to the labyrinth of rules.
“This Act would mainly help older class C and Class B office buildings.
We are pushing for something broader that would incentivize the conversion of all kinds of commercial property and not just office buildings.
We are working with a coalition of more than a dozen real estate interest groups to support this,” said Evan Liddiard, CPA, director, Federal Taxation | Federal Policy and Industry Relations for NAR.
He emphasized that the tax credits
are justified by the public good that would be created by bolstering the
commercial real estate sector, the construction of more residential units, and
the resulting new jobs and boost to the economy that come from a successful
conversion.
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