AN ACT ESTABLISHING A TAX CREDIT FOR THE CONVERSION OF VACANT COMMERCIAL BUILDINGS TO RESIDENTIAL DEVELOPMENTS.

HB 6121 creates a tax credit for owners who convert vacant commercial buildings into residential developments, provided at least 25% of the new housing units are designated as affordable. The bill directly affects property owners and developers seeking to repurpose underused commercial spaces into housing. Key provisions require that 25% of all new residential units in the converted building meet affordability standards to qualify for the tax credit. The credit aims to incentivize the transformation of vacant commercial properties into mixed-income residential communities.