Community Restoration and Revitalization Act of 2005

H.R. 3159, the Community Restoration and Revitalization Act of 2005, proposes several changes to the federal tax code to encourage the renovation of older and historic buildings. The bill would increase the value of tax credits available to developers and property owners who rehabilitate smaller buildings, low-income housing, and properties located in high-cost areas. Additionally, it would ease existing restrictions to allow these tax credits to be used for a wider range of projects, such as converting historic structures into lodging or residential condominiums.

For everyday citizens, this legislation aims to stimulate local economies by making it more financially viable for private investors to restore decaying or underutilized neighborhood landmarks. By lowering the tax burden on these projects, the bill seeks to preserve community heritage while increasing the availability of quality housing and commercial spaces in underserved areas.