HR 537 United States House · 119th Congress

INCREASE Housing Affordability Act

The INCREASE Housing Affordability Act creates a new tax credit for converting commercial buildings (like offices) into residential housing. Property owners who convert eligible buildings can claim a tax credit equal to 15% of qualified conversion costs, with limits of $200,000 per residential unit or $10 million per building. The bill also provides bonus credits for projects with rent-restricted units for lower-income residents (10-20% more credit) and for paying prevailing wages (15% more credit). To qualify, buildings must have been nonresidential for at least 15 years and undergo substantial conversion (with expenditures exceeding adjusted basis or $15,000).

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

President

Introduced Jan 16, 2025 Last action Mar 5, 2026

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Committee

Mar 5, 2026

Introduced

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.

lower

Jan 16, 2025

Committee

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.

lower

Jan 16, 2025

Introduced

Introduced in House

lower

1 primary · 8 co-sponsors