Loading chat...
US HB537
Bill
Status
Introduced
1/16/2025
Primary Sponsor
Rebecca Sherrill
Click for details
AI Summary
- Creates a 15% tax credit for converting office buildings to residential housing, capped at $200,000 per new housing unit and $10,000,000 per building
- Provides bonus credits of 10-20% for affordable housing projects where 25%+ of units are rent-restricted for tenants at 60-100% of area median income, plus an additional 15% bonus for paying prevailing wages during construction
- Requires buildings to be at least 15 years old and conversion expenditures to exceed the building's adjusted basis or $15,000, with a 24-month completion window (60 months for phased projects)
- Establishes a Commercial to Residential Conversion Advisory Board at HUD within one year to provide technical assistance to state and local housing agencies on identifying and advancing conversion opportunities
- Authorizes $5,000,000 annually for fiscal years 2025-2029 to fund the advisory board's operations
Legislative Description
INCREASE Housing Affordability Act Incentivizing New Conversions to Residential Entities to Accelerate Supply and Expand Housing Affordability Act
Taxation
Last Action
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.
3/5/2026
Committee Referrals
Ways And Means1/16/2025
Full Bill Text
No bill text available