H.R. 537 · On the floor · Taxation

INCREASE Housing Affordability Act

What it does

• Creates a 15 percent investment tax credit for qualified conversion expenditures that convert commercial office buildings to residential use, capped at $200,000 per unit and $10 million per building.
• Increases the credit by 10 to 20 percent for buildings where at least 25 percent of units are rent-restricted and affordable to households at 60 to 100 percent of area median income.
• Increases the credit by 15 percent for conversions where all laborers are paid prevailing wage rates as determined by the Department of Labor.
• Requires converted buildings to be at least 15 years old, substantially converted to residential or residential-retail mixed use, and qualifies expenditures incurred within 24 months (or 60 months for phased conversions).

Latest action

Mar 5, 2026: 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.

Committee: House Financial Services