3 local tax incentives to convert office space to residential spaces

Let’s look at 3 local tax incentives es to convert office space into residential properties. New York City’s 2025 budget includes a 90% tax exemption for projects with at least 25% affordable units. Chicago is putting $151 million up for grabs by developers to transform four office buildings into 1,000 apartments, about a third of which would have affordable rental rates. Washington D.C. offers 20-year tax abatements for commercial-to-residential conversions through its Housing in Downtown initiative.

Governing | Cities Cut Red Tape to Promote Office-to-Housing Conversions