Owners of older office buildings could get a new tax credit for turning them into housing. The credit gets bigger for some affordable units and for paying local standard wages. HUD would also create a board to help cities and states move these projects along.
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INCREASE Housing Affordability Act Incentivizing New Conversions to Residential Entities to Accelerate Supply and Expand Housing Affordability Act is a House bill in committee. The latest recorded action: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Latest action on H.R. 537: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Who this affects: This bill mainly affects owners and developers of older office buildings, especially in places where office space sits empty and housing is expensive. It also matters to renters who might get access to some lower-rent units, construction workers on these projects, and state and local housing agencies that need help with zoning, permits, and financing. Cities and neighborhoods with many older office buildings could see the biggest effects if projects actually move forward.
Why this matters: Housing costs are high in many places, while some older office buildings are hard to fill. This bill tries to connect those two problems by making office-to-housing projects cheaper after taxes. It could help some projects move from idea to construction, especially where local governments also fix zoning or permit delays. But the bill does not guarantee more affordable housing or lower rents everywhere, because results would still depend on local markets and local rules.
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