North Columbus News

Representative Mike Carey (OH-15) and Jimmy Gomez (CA-34) have introduced the bipartisan, bicameral Revitalizing Downtowns and Main Streets Act. The bill aims to convert vacant and underutilized commercial properties into housing.

The legislation is co-led by Representatives Dan Kildee (MI-08) and John Larson (CT-01), with additional support from Representatives Brian Fitzpatrick (PA-01), Claudia Tenney (NY-24), Terri Sewell (AL-07), David Kustoff (TN-08), Mike Kelly (PA-16), Don Beyer (VA-08), Carol Miller (WV-01), and Jimmy Panetta (CA-19). Senator Debbie Stabenow (MI) is leading a companion bill in the Senate.

According to Pew Research, 49 percent of Americans lack affordable housing in their communities, necessitating the construction of an estimated 4.3 million apartments by 2035 to meet rental housing demand.

Meanwhile, commercial properties remain vacant. Following the COVID-19 pandemic, an estimated 30 percent of Americans' workdays are remote, contributing to a $413 billion reduction in commercial real estate asset values due to this trend.

“Between high housing costs and the rise of remote work, formerly prosperous neighborhoods across the country are struggling,” said Congressman Carey. “The solution is right in front of us. But even though vacant commercial and office space is sitting unused, converting these properties into housing is so expensive it is often uneconomical. This bill will allow communities to meet their residents’ need for affordable, abundant housing and allow American downtowns and main streets to thrive.”

Representative Gomez stated, “Our legislation is a response to two major parallel problems—empty commercial and office space in downtowns and throughout suburban and rural communities, and a housing crisis that is forcing people to live on the streets. The Revitalizing Downtowns and Main Streets Act will supercharge main streets by increasing housing supply and filling vacant real estate, making our cities and towns economic powerhouses.”

“The COVID-19 pandemic changed the way we work, leaving many office buildings empty across the downtown Hartford area and the rest of the nation,” said Larson. “It’s time to make use of this empty space and address the constrained housing market our constituents are facing. I joined Reps. Gomez, Carey, and Kildee in this bipartisan effort to revitalize our downtown spaces, help our restaurants and small businesses, and expand access to quality and affordable housing for Connecticut residents,” said Representative Larson.

“With housing costs skyrocketing and supply dwindling, the American Dream of homeownership has become unattainable for far too many families,” said Rep. Fitzpatrick (PA-1). “Bucks and Montgomery counties continue to acutely feel this impact, and I am committed to finding commonsense solutions. Our bipartisan Revitalizing Downtowns and Main Streets Act aims to convert empty commercial buildings into housing units. This initiative will help reduce housing costs while increasing the housing supply in our community nationwide.”

The bill provides a federal tax credit modeled after the Historic Preservation Tax Credit to facilitate converting older office buildings into residential units. The credit amount would be equal to 20% of qualified conversion expenditures for any taxable year concerning a qualified converted building. To ensure affordability, at least 20% of residential units must be reserved for individuals earning 80% or less of the area's median income during a 30-year period following conversion.

Full text of the bill can be found here.