ASSUMING FIRST SPONSORHSIP - Mr. Magaziner asked unanimous consent that he may be hereafter be considered as the first sponsor of H.R. 537, a bill originally introduced by Representative Sherrill, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
TaxationUrban and suburban affairs and developmentHousing supply and affordabilityBuilding constructionIncome tax credits
Why This Matters
This bill encourages the conversion of unused commercial buildings into homes by offering tax credits. It aims to increase affordable housing options in communities.
If you are looking for affordable housing, this bill could help create more options in your area.
Who this affects
Property developers · Families seeking housing
What changes is this bill making?
1This bill provides tax credits for converting commercial buildings into residential units.
2It offers support to local housing agencies to find conversion opportunities.
3The tax credit is 15% of the costs for qualified conversions.
4There are limits on how much credit can be claimed per unit and building.
5Additional credits are available for affordable housing units.
