Real Estate Industry Weighs in on Property Conversion Legislation

Originally published on October 18, 2022, by NAIOP.

NAIOP and its real estate industry allies last week provided suggestions on the Revitalizing Downtowns Act, legislation that would create a new tax credit to facilitate the conversion of older office buildings into multifamily housing structures. The bill would provide a 20% tax credit for expenses in converting a building that is at least 25 years old to multifamily housing, provided that at least 20% of the units are reserved for affordable housing. In a coalition letter to sponsors of the legislation, the real estate groups suggest expanding the category of properties eligible for the credit and ensuring real estate investment trusts can utilize the incentive, among other things.

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