H.R.2410

Provides a tax credit for converting non-residential buildings into affordable housing.

The Revitalizing Downtowns and Main Streets Act amends the Internal Revenue Code to introduce a tax credit for converting non-residential buildings into affordable housing. The credit is equal to 20 percent of the qualified conversion expenditures for a qualified affordable housing building. The bill defines a qualified affordable housing building as one where at least 20 percent of the residential units are rent-restricted and reserved for individuals with incomes at or below 80 percent of the area median income.