Peters, Stabenow and Kildee Introduce the Revitalizing Downtowns and Main Streets Act
Bill Would Create a Tax Credit to Convert Vacant Commercial Buildings into Affordable Housing
WASHINGTON, DC -- U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) and Congressman Dan Kildee (MI-08) introduced legislation to make better use of vacant or underutilized commercial properties by converting these properties into affordable housing. The Revitalizing Downtowns and Main Streets Act would create a federal tax credit to help convert unused commercial buildings into affordable residential housing.
“Converting vacant or unused spaces is an effective, commonsense way to create jobs, bolster cities and neighborhoods, and support local economic development,” said Senator Peters. “This bill also provides the opportunity to help address the severe affordable housing shortage, an issue I hear about repeatedly from folks across our state. I’m proud to again lead this effort with Senator Stabenow and will continue working to see it advance in the Senate.”
“The pandemic reshaped how people work and how they do business. This has left both large and small towns with an unprecedented number of empty buildings,” said Senator Stabenow. “Converting these unused buildings into housing is a win-win – providing people with affordable places to live while helping our communities turn vacancy into vibrancy.”
“Our new bipartisan bill, supported by Republicans and Democrats, will help breathe new life into Michigan’s older, industrial communities by repurposing vacant and obsolete buildings into affordable housing for Michiganders,” said Congressman Kildee. “This will help lower housing costs, create good jobs and grow the local economy in cities and towns across Michigan.”
The COVID-19 crisis sparked a dramatic rise of hybrid and remote work and accelerated the shift from brick-and-mortal retail to e-commerce. These major changes in where Americans work and how they shop have harmed many formerly vibrant commercial districts in communities nationwide.
At the very same time, our nation is experiencing an affordable housing crisis. According to the Michigan State Housing Development Authority, Michigan is 141,000 housing units short of demand. According to Pew Research, 49 percent of Americans say the lack of reasonably priced housing in their community is a major problem. Nearly half of all American renters spend more than 30 percent of their income on housing. A study by the National Multifamily Housing Council found that the United States needs to build an estimated 4.3 million apartments by 2035 to meet the demand for rental housing.
The Revitalizing Downtowns and Main Streets Act would address both issues at once by creating a critical redevelopment tool that makes commercial-to-residential conversion projects more economically viable.
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