How much is the tax credit for converting an office building into affordable housing?

Under the Revitalizing Downtowns and Main Streets Act, the credit equals 20% of qualified conversion expenditures for a qualified affordable housing building (Section 2, 48F(a)).

Can a rural historic building conversion get a 35% tax credit?

Yes. Under the Revitalizing Downtowns and Main Streets Act, certain rural historic preservation projects can get a 35% credit on up to $2,000,000 in expenditures (Section 2, 48F(g)(2)).

What is the total federal cap on the downtown conversion tax credit?

According to HR2410 Section 2, the national limitation is $12,000,000,000, with up to an additional $3,000,000,000 for economically distressed areas (48F(e)(2)(B)-(C)).

What are the affordable housing requirements to qualify for the conversion credit?

Under the Revitalizing Downtowns and Main Streets Act, at least 20% of units must be rent-restricted and reserved for people earning no more than 80% of area median income for 30 years (Section 2, 48F(d)(1)).

Can office-to-housing projects in qualified census tracts use a lower income limit?

Yes. Under the Revitalizing Downtowns and Main Streets Act, projects in qualified census tracts or difficult development areas must target households at 60% or less of area median income for the 20% set-aside (Section 2, 48F(g)(1)).

Does buying a building count toward the affordable housing conversion tax credit?

No. Under the Revitalizing Downtowns and Main Streets Act, acquisition costs are excluded from qualified conversion expenditures (Section 2, 48F(b)(2)(B)).

How old does a commercial building have to be to qualify for the conversion credit?

According to HR2410 Section 2, the building must have been placed in service at least 20 years before conversion and be nonresidential real property immediately before conversion (48F(c)(2)).

What is the minimum rehab spending needed to qualify for the downtown conversion tax credit?

Under the Revitalizing Downtowns and Main Streets Act, expenditures must exceed the greater of $100,000 or 50% of the building’s adjusted basis immediately before conversion (Section 2, 48F(c)(1)).

Can brownfield cleanup costs qualify for the office-to-housing tax credit?

Yes. Under the Revitalizing Downtowns and Main Streets Act, cleanup costs for qualifying brownfield property can count even though they are exempt from the usual depreciation requirement (Section 2, 48F(b)(3)).

Can the affordable housing conversion tax credit be recaptured?

Yes. According to HR2410 Section 2, the Treasury must issue recapture rules if the building stops qualifying as affordable housing during the 30-year period (48F(h)(1)).

H.R. 2410: Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2014

Introduced Jun 18, 201345 cosponsors

Sponsor

Robert Aderholt

Republican · AL

Bill Progress

IntroducedJun 18

Committee

Pass HouseJun 18

Pass Senate

Signed

Law

Latest Action · Jun 18, 2013

1/3

Passed the House, received in Senate

HR2410 Legislative Journey

1 actions

Passed

Jun 18, 2013

Rule H. Res. 274 passed House.

About the Sponsor

Robert Aderholt

Republican, Alabama's 4th congressional district · 29 years in Congress

Committees: Appropriations

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Cosponsors (45)

No new cosponsors in 52 days

This bill has 45 cosponsors: 23 Democrats, 22 Republicans, reflecting bipartisan support. Cosponsors represent 21 states: Alabama, Arizona, California, and 18 more.

23Democrats22Republicans·21 statesBipartisan

Jimmy Gomez

Democrat · CA

John Larson

Democrat · CT

Brian Fitzpatrick

Republican · PA

Terri Sewell

Democrat · AL

Claudia Tenney

Republican · NY

Donald Beyer

Democrat · VA

David Kustoff

Republican · TN

Judy Chu

Democrat · CA

Mike Kelly

Republican · PA

Jimmy Panetta

Democrat · CA

Carol Miller

Republican · WV

Danny Davis

Democrat · IL

H.R. 2410 Quick Facts

Cosponsors

+40 more

Chamber: House
Policy: Economics and Public Finance
Introduced: Jun 18, 2013

Passed the House, received in Senate

Jun 18, 2013

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H.R. 2410 Bill Text

“To amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing.”

Source: U.S. Government Publishing Office

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H.R. 2410: Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2014

HR2410 Legislative Journey

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H.R. 2410 Quick Facts

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H.R. 2410 Bill Text

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