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.

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.

Bill 119 HR 537 aims to amend the Internal Revenue Code of 1986 in order to provide tax credits for the conversion of commercial buildings into residential units. The bill also seeks to offer support and technical assistance to State and local housing agencies to help them identify and promote housing conversion opportunities for underutilized commercial buildings.

The main goal of this legislation is to address the shortage of affordable housing in many communities by repurposing existing commercial spaces into residential units. By providing tax credits and support to housing agencies, the bill aims to incentivize and facilitate the conversion of underutilized commercial buildings, ultimately increasing the availability of housing options for individuals and families.

In addition to promoting the conversion of commercial buildings into residential units, the bill also includes provisions for other purposes related to housing development and affordability. Overall, Bill 119 HR 537 seeks to address the pressing issue of affordable housing by encouraging the adaptive reuse of commercial spaces and providing support to housing agencies in their efforts to expand housing options for residents.