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HR 537119th CongressIn Committee
INCREASE Housing Affordability Act
Introduced: Jan 16, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
H.R. 537 amends the Internal Revenue Code to provide a commercial‑to‑residential conversion credit, offering a 15% tax credit up to $200,000 per unit and $10 million per building, with bonus credits for affordable housing and prevailing wage compliance. It also establishes an advisory board to assist state and local agencies and authorizes $5 million per year for 2025‑2029.
Key Points
- 115% commercial‑to‑residential tax credit with limits of $200,000/unit and $10 million/building.
- 2Bonus credits for affordable housing units meeting income and rent‑restriction thresholds.
- 3Bonus credit for prevailing wage compliance.
- 4Creation of a HUD advisory board to provide technical assistance and expedite approvals.
- 5Authorization of $5 million annually for 2025‑2029 to support the program.
Impact Areas
Commercial property owners and developersState and local housing agenciesHUD and federal tax policyResidential tenants in converted unitsTaxpayers claiming the credit
Generated by openai/gpt-oss-20b:free on Nov 21, 2025