NAIOP Commends "Revitalizing Downtowns and
Main Streets Act" Introduced Today in the U.S. House of
Representatives
HERNDON,
Va., July 12, 2024 /PRNewswire/ -- NAIOP,
the Commercial Real Estate Development Association, commends the
introduction of the "Revitalizing Downtowns and Main Streets Act,"
which establishes a new 20% tax credit to make possible conversion
of many underutilized or vacant commercial properties to
residential use.
The bipartisan bill is sponsored by U.S. Representatives
Mike Carey (R-OH) and Jimmy Gomez (D-CA).
"This legislation will spur the conversion of vacant spaces that
can stimulate local economies and begin to address the housing
crisis in communities across the U.S.," said Marc Selvitelli, CAE, president and CEO of
NAIOP. "This important bill allows Congress to begin rectifying
many of the ripple effects of the COVID-19 pandemic that are still
affecting the lives of Americans and impacting local tax
revenues."
The proposed legislation includes:
- 20% tax credit for expenses incurred during the conversion of
an eligible underutilized or vacant commercial property that is
older than 20 years and is capable of being repurposed for
residential use.
- Affordable housing for those with incomes at or below 80% of
the area median income designated for 20% of converted residential
units.
- Additional incentives for rural and economically distressed
areas to ensure that all communities can benefit from the
legislation.
- The ability to combine existing historic tax credits and other
incentives offered by municipalities and states.
"This bill reaches beyond the urban core and into cities of all
sizes across the country," said Selvitelli. "Its impact on local
tax revenues will replace dollars lost to underutilized and
defaulted properties, and it provides building owners with the
opportunity to create more sustainable, energy-efficient spaces. We
encourage the House to move quickly on this important bill, and
NAIOP looks forward to productive discussions within the House and
Senate so a bill can be enacted into law."
Working with the federal government to incentivize the adaptive
reuse of vacant and underutilized office buildings and other
structures to help address the severe shortage of affordable
housing is a legislative priority for NAIOP and its members.
"NAIOP congratulates Reps. Carey and Gomez for their leadership
on this important bill," said Selvitelli. "Together with our
coalition partners, NAIOP recognized an issue, identified a
solution, and began working to move it forward. As this bill
progresses, we expect our 21,000+ members in cities large and small
will be called on to share their experiences and voice their
support."
To learn more about NAIOP's legislative position and work on
adaptive reuse, visit naiop.org/adaptive-reuse.
About NAIOP
NAIOP, the Commercial Real Estate Development Association is the
leading organization for developers, owners, investors and related
professionals in office, industrial, retail, and mixed-use real
estate. NAIOP provides unparalleled industry networking and
education and advocates for effective legislation on behalf of our
members. NAIOP advances responsible, sustainable development that
creates jobs and benefits the communities in which our members work
and live. For more information, visit naiop.org.
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SOURCE NAIOP