Tax increment financing; use of increment to convert vacant or underused commercial or industrial buildings to residential purposes authorized, and calculation of increment and findings required for a district converting vacant or underused property modified.

This bill allows tax increment financing to be used for converting vacant or underused commercial or industrial buildings into residential spaces. It also modifies how the financial increment is calculated and what findings are needed for districts that are repurposing these types of properties. Essentially, it aims to promote the transformation of unused buildings into homes.

Supporters would argue that this bill is a proactive step towards addressing housing shortages by revitalizing underutilized properties. They would highlight the potential for economic growth and community improvement through increased residential options in urban areas.

Critics might contend that the bill could divert essential tax revenues from other public services, impacting local economies negatively. They may also express concerns about the quality of living conditions in hastily converted buildings and the potential for gentrification in affected neighborhoods.