Revitalizing Downtowns and Main Streets Act

Key Provisions

• Creates a new tax credit equal to 20% of eligible conversion costs for turning commercial buildings into affordable housing, but not the cost of buying the building.
• Reduces the amount of this new credit by 50% if the same conversion costs are also claimed for the existing rehabilitation tax credit.
• Sets aside $12 billion nationally for this credit, distributed to states based on population, with an extra $3 billion for projects in economically distressed areas.
• Requires that at least 20% of units in converted buildings be affordable for people earning 80% or less of the area's median income for 30 years.
• Lets state housing agencies decide how to allocate the credits using plans that consider financial need and local benefits.