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

Bill 118 s 4693, also known as the Affordable Housing Investment Credit Act of 2021, aims to amend the Internal Revenue Code of 1986 in order to provide an investment credit for converting non-residential buildings into affordable housing units. The bill is designed to address the ongoing issue of affordable housing shortages in the United States by incentivizing property owners to repurpose existing non-residential buildings for residential use.

Under this proposed legislation, property owners who convert non-residential buildings into affordable housing units would be eligible to receive a tax credit to help offset the costs associated with the conversion process. The credit would be based on the qualified costs incurred during the conversion, such as renovation expenses and other related costs.

The bill specifies that in order to qualify for the investment credit, the affordable housing units created through the conversion must meet certain affordability requirements, ensuring that the units are accessible to low and moderate-income individuals and families. Additionally, the bill includes provisions to prevent abuse of the tax credit program and to ensure that the converted buildings remain affordable for an extended period of time. Overall, the Affordable Housing Investment Credit Act of 2021 seeks to encourage the repurposing of non-residential buildings into affordable housing units, thereby increasing the availability of affordable housing options for individuals and families in need. By providing a financial incentive for property owners to undertake these conversions, the bill aims to address the affordable housing crisis in a meaningful and sustainable way.