Revitalizing Downtowns and Main Streets Act

HR 2410 creates a 20% federal tax credit for developers converting older non-residential buildings (at least 20 years old) into affordable housing. The credit applies to qualified conversion costs, requiring that 20% of units be rent-restricted for residents earning 80% or less of the area median income for 30 years. It establishes a $12 billion national credit limit, with $3 billion reserved for conversions in economically distressed areas, and mandates state-level allocation plans prioritizing projects near transit and employment. The bill directly affects developers seeking tax incentives for downtown revitalization, not tenants or local governments.