Revitalizing Downtowns and Main Streets Act

This bill creates a new 20% federal tax credit for property owners converting non-residential buildings (at least 20 years old) into affordable housing. It requires that 20% of units be rent-restricted for residents earning 80% or less of the area median income for 30 years, with higher rates (30% or 35%) for distressed areas or historic preservation projects. The credit is funded through a $12 billion national cap, administered by state housing agencies that must allocate funds based on specific criteria like neighborhood revitalization and local support. It directly affects developers of qualifying conversions and future residents of the resulting affordable housing units.