I
119THCONGRESS
1
STSESSION H. R. 537
To amend the Internal Revenue Code of 1986 to provide tax credits for
the conversion of commercial buildings to residential units, to provide
support and technical assistance to State and local housing agencies
to identify and advance housing conversion opportunities for underutilized
commercial buildings, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY16, 2025
Ms. S
HERRILLintroduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committee on Finan-
cial Services, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the juris-
diction of the committee concerned
A BILL
To amend the Internal Revenue Code of 1986 to provide
tax credits for the conversion of commercial buildings
to residential units, to provide support and technical
assistance to State and local housing agencies to identify
and advance housing conversion opportunities for under-
utilized commercial buildings, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
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SECTION 1. SHORT TITLE. 1
This Act may be cited as the ‘‘Incentivizing New Con-2
versions to Residential Entities to Accelerate Supply and 3
Expand Housing Affordability Act’’ or the ‘‘INCREASE 4
Housing Affordability Act’’. 5
SEC. 2. COMMERCIAL-TO-RESIDENTIAL CREDIT. 6
(a) I
NGENERAL.—Section 46 of the Internal Rev-7
enue Code of 1986 is amended by redesignating paragraph 8
(7) as paragraph (8), by redesignating the paragraph (6) 9
relating to the advanced manufacturing investment credits 10
as paragraph (7), by striking ‘‘and’’ at the end of para-11
graph (7) (as so redesignated), by striking the period at 12
the end of paragraph (8) (as so redesignated) and insert-13
ing ‘‘, and’’, and by adding at the end the following new 14
paragraph: 15
‘‘(9) the commercial-to-residential credit.’’. 16
(b) A
MOUNT OFCREDIT.—Subpart E of part IV of 17
subchapter A of chapter 1 of the Internal Revenue Code 18
of 1986 is amended by inserting after section 48E the fol-19
lowing new section: 20
‘‘SEC. 48F. COMMERCIAL-TO-RESIDENTIAL CREDIT. 21
‘‘(a) I
NGENERAL.—For purposes of section 46, the 22
commercial-to-residential credit for any taxable year is 23
equal to 15 percent of the qualified conversion expendi-24
tures with respect to a qualified converted building. 25
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‘‘(b) LIMITATION ONCREDITAMOUNT.—The credit 1
determined under subsection (a) may not exceed— 2
‘‘(1) $200,000 per new residential housing unit, 3
and 4
‘‘(2) $10,000,000 per qualified converted build-5
ing. 6
‘‘(c) W
HENEXPENDITURES TAKENINTOAC-7
COUNT.— 8
‘‘(1) I
N GENERAL.—Qualified conversion ex-9
penditures with respect to any qualified converted 10
building shall be taken into account for the taxable 11
year in which such qualified converted building is 12
placed in service. 13
‘‘(2) C
OORDINATION WITH SUBSECTION (e).— 14
The amount which would (but for this subpara-15
graph) be taken into account under subparagraph 16
(A) with respect to any qualified converted building 17
shall be reduced (but not below zero) by any amount 18
of qualified conversion expenditures taken into ac-19
count under subsection (e) by the taxpayer or a 20
predecessor of the taxpayer (or, in the case of a sale 21
and leaseback described in section 50(a)(2)(C), by 22
the lessee), to the extent any amount so taken into 23
account has not been required to be recaptured 24
under section 50(a). 25
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‘‘(d) BONUSCREDITS.— 1
‘‘(1) A
FFORDABLE HOUSING BONUS CREDIT .— 2
‘‘(A) I
N GENERAL.—In the case of a quali-3
fied converted building which has been con-4
verted to a majority rental residential use and 5
which satisfies the requirements under subpara-6
graph (B), the amount of the credit determined 7
under subsection (a) (determined without re-8
gard to this subsection) and the limitation on 9
credit amount described in subsection (b) (de-10
termined without regard to this subsection) 11
with respect to such building shall each be in-12
creased by an amount equal to— 13
‘‘(i) in the case of a qualified con-14
verted building 25 percent or more of the 15
residential units of which are both rent-re-16
stricted and occupied by individuals whose 17
income does not exceed 100 percent of 18
area median income, 10 percent of such 19
amounts, 20
‘‘(ii) in the case of a qualified con-21
verted building 25 percent or more of the 22
residential units of which are both rent-re-23
stricted and occupied by individuals whose 24
income does not exceed 80 percent of area 25
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median income, 15 percent of such 1
amounts, and 2
‘‘(iii) in the case of a qualified con-3
verted building 25 percent or more of the 4
residential units of which are both rent-re-5
stricted and occupied by individuals whose 6
income does not exceed 60 percent of area 7
median income, 20 percent of such 8
amounts. 9
‘‘(B) R
ENT AND INCOME LIMITATION .— 10
For purposes of subparagraph (A), rules similar 11
to the rules of section 42(g) shall apply to de-12
termine whether a unit is rent-restricted, treat-13
ment of units occupied by individuals whose in-14
comes rise above the limit, and treatment of 15
units where Federal rental assistance is reduced 16
as tenant’s income increases. 17
‘‘(2) P
REVAILING WAGE BONUS CREDIT .— 18
‘‘(A) I
N GENERAL.—In the case of any 19
qualified converted building with respect to 20
which the taxpayer certifies to the Secretary 21
that the taxpayer satisfied the requirement of 22
subparagraph (B) with respect to the conver-23
sion process, the amount of the credit deter-24
mined under subsection (a) (determined without 25
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regard to this subsection) and the limitation on 1
the credit amount described in subsection (b) 2
(determined without regard to this subsection) 3
with respect to such building shall each be in-4
creased by an amount equal to 15 percent of 5
such amounts. 6
‘‘(B) P
REVAILING WAGE REQUIREMENT .— 7
The requirement described in this subparagraph 8
is satisfied with respect to any conversion if all 9
laborers or mechanics employed by the taxpayer 10
or any contractor or subcontractor of the tax-11
payer to carry out the conversion were paid 12
wages at rates not less than the prevailing rates 13
for construction, alteration, or repair of a simi-14
lar character in the locality in which such 15
project is located as most recently determined 16
by the Secretary of Labor, in accordance with 17
subchapter IV of chapter 31 of title 40, United 18
States Code. 19
‘‘(e) D
EFINITIONS.— 20
‘‘(1) Q
UALIFIED CONVERTED BUILDING .— 21
‘‘(A) I
N GENERAL.—The term ‘qualified 22
converted building’ means any building (and its 23
structural components) if— 24
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‘‘(i) prior to conversion, such building 1
was nonresidential real property (as de-2
fined in section 168) which was leased, or 3
available for lease, to office tenants, 4
‘‘(ii) such building has been substan-5
tially converted from an office use to a res-6
idential or residential-retail mixed use, 7
‘‘(iii) such building was initially 8
placed in service at least 15 years before 9
the beginning of the conversion, and 10
‘‘(iv) depreciation (or amortization in 11
lieu of depreciation) is allowable with re-12
spect to such building. 13
‘‘(B) S
UBSTANTIALLY CONVERTED DE -14
FINED.— 15
‘‘(i) I
N GENERAL.—For purposes of 16
paragraph (1)(A)(ii), a building shall be 17
treated as having been substantially con-18
verted only if the qualified conversion ex-19
penditures during the 24-month period se-20
lected by the taxpayer (at the time and in 21
the manner prescribed by regulation) and 22
ending with or within the taxable year ex-23
ceed the greater of— 24
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‘‘(I) the adjusted basis of such 1
building (and its structural compo-2
nents), or 3
‘‘(II) $15,000. 4
The adjusted basis of the building (and its 5
structural components) shall be determined 6
as of the beginning of the 1st day of such 7
24-month period, or of the holding period 8
of the building, whichever is later. For 9
purposes of the preceding sentence, the de-10
termination of the beginning of the holding 11
period shall be made without regard to any 12
reconstruction by the taxpayer in connec-13
tion with the conversion. 14
‘‘(ii) S
PECIAL RULE FOR PHASED 15
CONVERSION.—In the case of any conver-16
sion which may reasonably be expected to 17
be completed in phases set forth in archi-18
tectural plans and specifications completed 19
before the conversion begins, clause (i) 20
shall be applied by substituting ‘60-month 21
period’ for ‘24-month period’. 22
‘‘(iii) L
ESSEES.—The Secretary shall 23
prescribe by regulation rules for applying 24
this subparagraph to lessees. 25
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‘‘(C) RECONSTRUCTION.—Conversion in-1
cludes reconstruction. 2
‘‘(2) Q
UALIFIED CONVERSION EXPENDITURES 3
DEFINED.— 4
‘‘(A) I
N GENERAL.—For purposes of sub-5
section (a), the term ‘qualified conversion ex-6
penditures’ means any amount properly charge-7
able to capital account— 8
‘‘(i) for property for which deprecia-9
tion is allowable under section 168 and 10
which is— 11
‘‘(I) nonresidential real property 12
(as defined in section 168), 13
‘‘(II) residential rental property 14
(as defined in section 168), or 15
‘‘(III) an addition or improve-16
ment to property described in clause 17
(i) or (ii), and 18
‘‘(ii) in connection with the conversion 19
of a qualified converted building. 20
‘‘(B) C
ERTAIN EXPENDITURES NOT IN -21
CLUDED.—The term ‘qualified conversion ex-22
penditures’ does not include— 23
‘‘(i) S
TRAIGHT LINE DEPRECIATION 24
MUST BE USED.—Any expenditure with re-25
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spect to which the taxpayer does not use 1
the straight line method over a recovery 2
period determined under subsection (c) or 3
(g) of section 168. The preceding sentence 4
shall not apply to any expenditure to the 5
extent the alternative depreciation system 6
of section 168(g) applies to such expendi-7
ture by reason of subparagraph (B) or (C) 8
of section 168(g)(1). 9
‘‘(ii) C
OST OF ACQUISITION .—The 10
cost of acquiring any building or interest 11
therein. 12
‘‘(iii) E
NLARGEMENTS.—Any expendi-13
ture attributable to the enlargement of an 14
existing building. 15
‘‘(iv) T
AX-EXEMPT USE PROPERTY .— 16
Any expenditure in connection with the 17
conversion of a building which is allocable 18
to the portion of such property which is (or 19
may reasonably be expected to be) tax-ex-20
empt use property (within the meaning of 21
section 168(h)), except that— 22
‘‘(I) ‘50 percent’ shall be sub-23
stituted for ‘35 percent’ in paragraph 24
(1)(B)(iii) thereof, and 25
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‘‘(II) an eligible educational insti-1
tution (as defined in section 2
529(e)(5)) shall not be treated as a 3
tax-exempt entity. 4
This clause shall not apply for purposes of 5
determining whether a building has been 6
substantially converted. 7
‘‘(v) E
XPENDITURES OF LESSEE .— 8
Any expenditure of a lessee of a building 9
if, on the date the conversion is completed, 10
the remaining term of the lease (deter-11
mined without regard to any renewal peri-12
ods) is less than the recovery period deter-13
mined under section 168(c). 14
‘‘(f) P
ROGRESSEXPENDITURES.— 15
‘‘(1) I
N GENERAL.—In the case of any building 16
to which this subsection applies, except as provided 17
in paragraph (3)— 18
‘‘(A) if such building is self-converted 19
property, any qualified conversion expenditure 20
with respect to such building shall be taken into 21
account for the taxable year for which such ex-22
penditure is properly chargeable to capital ac-23
count with respect to such building, and 24
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‘‘(B) if such building is not self-converted 1
property, any qualified conversion expenditure 2
with respect to such building shall be taken into 3
account for the taxable year in which paid. 4
‘‘(2) P
ROPERTY TO WHICH SUBSECTION AP -5
PLIES.— 6
‘‘(A) I
N GENERAL.—This subsection shall 7
apply to any building which is being converted 8
by or for the taxpayer if— 9
‘‘(i) the normal conversion period for 10
such building is 2 years or more, and 11
‘‘(ii) it is reasonable to expect that 12
such building will be a qualified converted 13
building in the hands of the taxpayer when 14
it is placed in service. 15
Clauses (i) and (ii) shall be applied on the basis 16
of facts known as of the close of the taxable 17
year of the taxpayer in which the conversion be-18
gins (or, if later, at the close of the first taxable 19
year to which an election under this subsection 20
applies). 21
‘‘(B) N
ORMAL CONVERSION PERIOD .—For 22
purposes of subparagraph (A), the term ‘normal 23
conversion period’ means the period reasonably 24
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expected to be required for the conversion of 1
the building— 2
‘‘(i) beginning with the date on which 3
physical work on the conversion begins (or, 4
if later, the first day of the first taxable 5
year to which an election under this sub-6
section applies), and 7
‘‘(ii) ending on the date on which it is 8
expected that the property will be available 9
for placing in service. 10
‘‘(3) S
PECIAL RULES FOR APPLYING PARA -11
GRAPH (1).—For purposes of paragraph (1)— 12
‘‘(A) C
OMPONENT PARTS , ETC.—Property 13
which is to be a component part of, or is other-14
wise to be included in, any building to which 15
this subsection applies shall be taken into ac-16
count— 17
‘‘(i) at a time not earlier than the 18
time at which it becomes irrevocably de-19
voted to use in the building, and 20
‘‘(ii) as if (at the time referred to in 21
clause (i)) the taxpayer had expended an 22
amount equal to that portion of the cost to 23
the taxpayer of such component or other 24
property which, for purposes of this sub-25
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part, is properly chargeable (during such 1
taxable year) to capital account with re-2
spect to such building. 3
‘‘(B) C
ERTAIN BORROWING DIS -4
REGARDED.—Any amount borrowed directly or 5
indirectly by the taxpayer from the person con-6
verting the property for him shall not be treat-7
ed as an amount expended for such conversion. 8
‘‘(C) L
IMITATION FOR BUILDINGS WHICH 9
ARE NOT SELF-CONVERTED.— 10
‘‘(i) I
N GENERAL.—In the case of a 11
building which is not self-converted, the 12
amount taken into account under para-13
graph (1)(B) for any taxable year shall not 14
exceed the amount which represents the 15
portion of the overall cost to the taxpayer 16
of the conversion which is properly attrib-17
utable to the portion of the conversion 18
which is completed during such taxable 19
year. 20
‘‘(ii) C
ARRYOVER OF CERTAIN 21
AMOUNTS.—In the case of a building which 22
is not a self-converted building, if for the 23
taxable year— 24
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‘‘(I) the amount which (but for 1
clause (i)) would have been taken into 2
account under paragraph (1)(B) ex-3
ceeds the limitation of clause (i), then 4
the amount of such excess shall be 5
taken into account under paragraph 6
(1)(B) for the succeeding taxable 7
year, or 8
‘‘(II) the limitation of clause (i) 9
exceeds the amount taken into ac-10
count under paragraph (1)(B), then 11
the amount of such excess shall in-12
crease the limitation of clause (i) for 13
the succeeding taxable year. 14
‘‘(D) D
ETERMINATION OF PERCENTAGE OF 15
COMPLETION.—The determination under sub-16
paragraph (C)(i) of the portion of the overall 17
cost to the taxpayer of the conversion which is 18
properly attributable to conversion completed 19
during any taxable year shall be made, under 20
regulations prescribed by the Secretary, on the 21
basis of engineering or architectural estimates 22
or on the basis of cost accounting records. Un-23
less the taxpayer establishes otherwise by clear 24
and convincing evidence, the conversion shall be 25
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deemed to be completed not more rapidly than 1
ratably over the normal conversion period. 2
‘‘(E) N
O PROGRESS EXPENDITURES FOR 3
CERTAIN PRIOR PERIODS.—No qualified conver-4
sion expenditures shall be taken into account 5
under this subsection for any period before the 6
first day of the first taxable year to which an 7
election under this subsection applies. 8
‘‘(F) N
O PROGRESS EXPENDITURES FOR 9
PROPERTY FOR YEAR IT IS PLACED IN SERVICE , 10
ETC.—In the case of any building, no qualified 11
conversion expenditures shall be taken into ac-12
count under this subsection for the earlier of— 13
‘‘(i) the taxable year in which the 14
building is placed in service, or 15
‘‘(ii) the first taxable year for which 16
recapture is required under section 17
50(a)(2) with respect to such property, 18
or for any taxable year thereafter. 19
‘‘(4) S
ELF-CONVERTED BUILDING .—For pur-20
poses of this subsection, the term ‘self-converted 21
building’ means any building if it is reasonable to 22
believe that more than half of the qualified conver-23
sion expenditures for such building will be made di-24
rectly by the taxpayer. 25
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‘‘(5) ELECTION.—This subsection shall apply to 1
any taxpayer only if such taxpayer has made an 2
election under this paragraph. Such an election shall 3
apply to the taxable year for which made and all 4
subsequent taxable years. Such an election, once 5
made, may be revoked only with the consent of the 6
Secretary. 7
‘‘(g) D
ENIAL OFDOUBLEBENEFIT.—A credit shall 8
not be allowed under this section for any qualified conver-9
sion expenditure for which a credit is allowed under sec-10
tion 42 or 47.’’. 11
(c) C
ONFORMINGAMENDMENTS.— 12
(1) Section 49(a)(1)(C) of the Internal Revenue 13
Code of 1986 is amended by striking ‘‘and’’ at the 14
end of clause (vii), by striking the period at the end 15
of clause (viii) and inserting ‘‘, and’’, and by adding 16
after clause (viii) the following new clause: 17
‘‘(ix) the portion of the basis of any 18
qualified converted property attributable to 19
qualified conversion expenditures under 20
section 48F.’’. 21
(2) Section 50(a)(2)(E) of such Code is amend-22
ed by striking ‘‘or 48E(e)’’ and inserting ‘‘48E(e), 23
or 48F(e)’’. 24
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(3) Section 50(b)(2) of such Code is amended 1
by striking ‘‘and’’ at the end of subparagraph (C), 2
by striking the period at the end of subparagraph 3
(D) and inserting ‘‘; and’’, and by adding after sub-4
paragraph (D) the following new subparagraph: 5
‘‘(E) a qualified converted building to the 6
extent of that portion of the basis which is at-7
tributable to qualified conversion expendi-8
tures.’’. 9
(4) Section 50(b)(3) is amended by inserting ‘‘, 10
or, solely with respect to the commercial-to-residen-11
tial credit, an eligible educational institution (as de-12
fined in section 529(e)(5))’’ after ‘‘section 521’’. 13
(5) The table of sections for subpart E of part 14
IV of subchapter A of chapter 1 of such Code is 15
amended by inserting after the item relating to sec-16
tion 48E the following new item: 17
‘‘Sec. 48F. Commercial-to-residential credit.’’.
(d) EFFECTIVEDATE.—The amendments made by 18
this section shall apply to qualified conversion expendi-19
tures incurred after the date of enactment in taxable years 20
ending after such date. 21
SEC. 3. COMMERCIAL TO RESIDENTIAL CONVERSION ADVI-22
SORY BOARD. 23
(a) E
STABLISHMENT.—Not later than 1 year after 24
the date of the enactment of this Act, the Secretary of 25
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Housing and Urban Development shall establish an advi-1
sory board to carry out the duties described in subsection 2
(c). 3
(b) M
EMBERSHIP.—The advisory board shall be com-4
posed of not less than 20 members, appointed by the Sec-5
retary. 6
(c) D
UTIES.—The advisory board shall provide 7
logistical support, technical assistance, best practices, and 8
training to State and local housing agencies with respect 9
to— 10
(1) identifying the best candidates for commer-11
cial to residential conversions that are financially 12
and logistically feasible and meet demonstrated 13
housing demand in localities within the State or lo-14
cality; 15
(2) conducting floor plan and feasibility anal-16
yses for prospective commercial to residential con-17
versions; 18
(3) expediting State or local regulatory proc-19
esses and permitting processes to allow for faster 20
approval and construction of commercial to residen-21
tial conversions; 22
(4) reforming of local regulatory and zoning 23
barriers to allow for more commercial to residential 24
conversions; and 25
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(5) identifying Federal and State funding 1
sources that can be used by localities to provide fi-2
nancial assistance on commercial to residential con-3
version projects. 4
(d) A
UTHORIZATION OFAPPROPRIATIONS.—There is 5
authorized to be appropriated to carry out this section 6
$5,000,000 for each of fiscal years 2025 through 2029. 7
Æ
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