Revitalizing Downtowns and Main Streets Act

The bill would create a new federal tax credit equal to 20 percent of qualified expenses for converting eligible non-residential buildings (at least 20 years old) into affordable housing, where at least 20 percent of units are rent-restricted for households earning 80 percent or less of area median income for 30 years. The credit is subject to limitations, including a $12 billion national cap, state allocations based on population, and reduced credits if also claiming the rehabilitation credit, with enhanced rates (30% or 35%) for projects in economically distressed areas or rural historic preservation. State housing credit agencies must allocate the credit through approved plans, enter…

No official summary is available here. This one was written by AI from the bill’s text.