The bill 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 an investment credit for converting non-residential buildings into affordable housing. This credit applies to conversions where at least 20% of the residential units are rent-restricted and reserved for individuals with incomes at or below 80% of the area median income. The credit is subject to certain limitations, including a 30-year period for maintaining the affordable housing status.

The bill 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 an investment credit for converting non-residential buildings into affordable housing. This credit applies to conversions where at least 20% of the residential units are rent-restricted and reserved for individuals with incomes at or below 80% of the area median income. The credit is subject to certain limitations, including a 30-year period for maintaining the affordable housing status.