Just prior to leaving for this week’s congressional recess, Congressman Mike Carey (R-OH) and Jimmy Gomez (D-CA) introduced H.R. 9002, The Revitalizing Downtowns and Main Streets Act.

The bipartisan legislation will create a temporary 20% tax credit to offset the eligible costs of converting an underutilized commercial building to affordable housing. To be eligible, a building must be at least 20 years old, and 20% of the resulting residential units must be reserved as affordable housing (for those with incomes at or below 80% of area median income).

This legislation has been a NAIOP priority to help incentivize the conversion of underutilized commercial properties to residential use. NAIOP’s Government Affairs team secured the support of 12 original cosponsors – six Republicans and six Democrats, all members of the tax-writing House Ways and Means Committee. They include Republicans Mike Kelly (R-PA), Brian Fitzpatrick (R-PA), David Kustoff (R-TN), Carol Miller (R-WV) and Claudia Tenney (R-NY); and Democratic members Don Beyer (D-VA), Dan Kildee (D-MI), John Larson (D-CT), Jimmy Panetta (D-CA) and Terri Sewell (D-AL).

The bipartisan support for the legislation is expected to help garner additional support for this important public policy issue as Congress addresses tax policy next year.