AN ACT ESTABLISHING A TAX CREDIT AND AWARDING HOUSING UNIT-EQUIVALENT POINTS FOR THE CONVERSION OF COMMERCIAL AND INDUSTRIAL PROPERTIES FOR RESIDENTIAL USE.

SB 778 creates a 10% tax credit for property owners who convert commercial or industrial buildings into residential or mixed-use developments, covering eligible conversion costs. It requires that 10% of units in these new developments be designated as affordable housing. Municipalities receive 0.25 housing unit-equivalent points for each new unrestricted dwelling unit created through such conversions, as verified by a certificate of occupancy. The bill aims to incentivize repurposing underused properties into housing while promoting affordable options and supporting local housing goals.