Photos courtesy of Moxy Phoenix Downtown
By AZRE
NAIOP, the Commercial Real Estate Development Association, commends the introduction of the “Revitalizing Downtowns and Main Streets Act,” which establishes a new 20% tax credit to make possible conversion of many underutilized or vacant commercial properties to residential use.
The bipartisan bill is sponsored by U.S. Representatives Mike Carey (R-OH) and Jimmy Gomez (D-CA).
“This legislation will spur the conversion of vacant spaces that can stimulate local economies and begin to address the housing crisis in communities across the U.S.,” said Marc Selvitelli, CAE, president and CEO of NAIOP. “This important bill allows Congress to begin rectifying many of the ripple effects of the COVID-19 pandemic that are still affecting the lives of Americans and impacting local tax revenues.”
