Revitalizing Downtowns and Main Streets Act
Sponsored By: Representative Carey, Mike [R-OH-15]
Introduced
Summary
Creates a 20% Affordable Housing Conversion Credit to turn older nonresidential buildings into rent-restricted homes. It sets who qualifies, how much can be allocated, and rules to protect long‑term affordability while letting credits be transferred.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Tax credit to convert buildings to affordable housing
This bill would create a one-time tax credit equal to 20% of qualified conversion costs. It would apply when you convert a nonresidential building that is at least 20 years old and spend over the greater of $100,000 or 50% of its pre-conversion basis. At least 20% of units would be rent-restricted for households at or below 80% of area median income for 30 years. Projects in qualified census tracts or difficult development areas that reserve 20% of units at 60% AMI would get 30% instead. For certified historic rehabs in rural areas, you could elect 35% on up to $2 million of costs. Eligible costs must be capitalized, depreciable, and generally incurred within two years before service; buying the building would not count, and rehab-credit costs would count at half. Your credit would be capped by your state housing agency’s allocation, within a $12 billion national limit and up to $3 billion for distressed areas, and unused state amounts after December 31, 2028 would be reallocated. It would apply to buildings placed in service after enactment.
Sponsors & CoSponsors
Sponsor
Carey, Mike [R-OH-15]
OH • R
Cosponsors
Gomez
CA • D
Sponsored 3/27/2025
Rep. Larson, John B. [D-CT-1]
CT • D
Sponsored 3/27/2025
Rep. Fitzpatrick, Brian K. [R-PA-1]
PA • R
Sponsored 3/27/2025
Sewell
AL • D
Sponsored 3/27/2025
Rep. Tenney, Claudia [R-NY-24]
NY • R
Sponsored 3/27/2025
Rep. Beyer, Donald S. [D-VA-8]
VA • D
Sponsored 3/27/2025
Kustoff
TN • R
Sponsored 3/27/2025
Rep. Chu, Judy [D-CA-28]
CA • D
Sponsored 3/27/2025
Kelly (PA)
PA • R
Sponsored 3/27/2025
Rep. Panetta, Jimmy [D-CA-19]
CA • D
Sponsored 3/27/2025
Rep. Miller, Carol D. [R-WV-1]
WV • R
Sponsored 3/27/2025
Davis (IL)
IL • D
Sponsored 3/27/2025
Rep. Moore, Blake D. [R-UT-1]
UT • R
Sponsored 3/27/2025
Rep. Evans, Dwight [D-PA-3]
PA • D
Sponsored 3/27/2025
Rep. Malliotakis, Nicole [R-NY-11]
NY • R
Sponsored 3/27/2025
Rep. Suozzi, Thomas R. [D-NY-3]
NY • D
Sponsored 3/27/2025
Rep. Moran, Nathaniel [R-TX-1]
TX • R
Sponsored 3/27/2025
Rep. Boyle, Brendan F. [D-PA-2]
PA • D
Sponsored 3/27/2025
LaHood
IL • R
Sponsored 3/27/2025
Rep. Sánchez, Linda T. [D-CA-38]
CA • D
Sponsored 3/27/2025
Rep. Miller, Max L. [R-OH-7]
OH • R
Sponsored 3/27/2025
Rep. Moore, Gwen [D-WI-4]
WI • D
Sponsored 3/27/2025
Amodei (NV)
NV • R
Sponsored 3/27/2025
Rep. Schneider, Bradley Scott [D-IL-10]
IL • D
Sponsored 3/27/2025
Ciscomani
AZ • R
Sponsored 3/27/2025
Rep. Horsford, Steven [D-NV-4]
NV • D
Sponsored 3/27/2025
DelBene
WA • D
Sponsored 3/27/2025
Rep. Baumgartner, Michael [R-WA-5]
WA • R
Sponsored 4/28/2025
Rep. Mann, Tracey [R-KS-1]
KS • R
Sponsored 6/23/2025
Del. Moylan, James C. [R-GU-At Large]
GU • R
Sponsored 6/23/2025
Del. Plaskett, Stacey E. [D-VI-At Large]
VI • D
Sponsored 6/23/2025
Van Drew
NJ • R
Sponsored 7/25/2025
Thompson (CA)
CA • D
Sponsored 7/25/2025
Wittman
VA • R
Sponsored 7/25/2025
Rep. Fields, Cleo [D-LA-6]
LA • D
Sponsored 7/25/2025
Balderson
OH • R
Sponsored 7/25/2025
Casten
IL • D
Sponsored 7/25/2025
Rep. Valadao, David G. [R-CA-22]
CA • R
Sponsored 7/25/2025
Lofgren
CA • D
Sponsored 7/25/2025
Rep. Miller-Meeks, Mariannette [R-IA-1]
IA • R
Sponsored 12/18/2025
Rep. Hayes, Jahana [D-CT-5]
CT • D
Sponsored 12/18/2025
Rep. Kim, Young [R-CA-40]
CA • R
Sponsored 12/18/2025
Rep. Deluzio, Christopher R. [D-PA-17]
PA • D
Sponsored 12/18/2025
Rutherford
FL • R
Sponsored 2/23/2026
Rep. Ruiz, Raul [D-CA-25]
CA • D
Sponsored 2/23/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov