Real Estate Coalition Urges Lawmakers to Consider Tax Incentive for Property Conversions
October 12, 2022
A coalition of 16 national real estate organizations on Oct. 12 recommended certain enhancements and expansions to the Revitalizing Downtowns Act (S. 2511, H.R. 4759)—legislation introduced by Sen. Debbie Stabenow (D-MI) and Rep. Jimmy Gomez (D-CA) to encourage the conversion of older buildings into new uses.
The Stabenow-Gomez bill is an important first step toward spurring greater capital investment in property conversions by providing that impetus. However, a modified and expanded Revitalizing Downtowns Act offers tremendous potential to spur a new wave of productive, private investment in older buildings that leads to the creation of new affordable housing, energy savings, and job growth.
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