INCREASE Housing Affordability Act

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Introduced 2025-01-16Topic: taxes

Summary

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This bill would create a federal tax credit equal to 15 percent of the costs of converting office buildings that are at least 15 years old into housing or mixed housing and retail use. The credit would be capped at $200,000 per new housing unit and $10 million per building. The credit and caps would be raised for rental buildings where at least 25 percent of units are rent-restricted for lower-income tenants, and for projects that pay construction workers prevailing wages. The bill would also require the Department of Housing and Urban Development to set up an advisory board of at least 20 members to help state and local housing agencies plan conversions, and would authorize $5 million per year for fiscal years 2025 through 2029 for the board.

Full text and official record on Congress.gov

Action history

Date	Chamber	Action	Status effect
2026-03-05	House	ASSUMING FIRST SPONSORHSIP - Mr. Magaziner asked unanimous consent that he may be hereafter be considered as the first sponsor of H.R. 537, a bill originally introduced by Representative Sherrill, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
2025-01-16	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	refer
2025-01-16	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	refer
2025-01-16		Introduced in House	introduce
2025-01-16		Introduced in House	introduce

Summary

Sponsors

Action history