Historic Tax Credit Modernization

Not later than 180 after the date of the enactment of this section, the Secretary of the Interior, acting through the Director of the National Park Service, shall revise the standards for rehabilitation and accompanying guidelines used to determine if the rehabilitation of a historic property qualifies for the Federal Historic Preservation Tax Incentives program by providing owners of historic commercial, multi-story properties with greater flexibility in incorporating residential dwelling units on upper floors that are not generally accessible to the public while retaining the historic characteristics of— (1) the exterior of the property; and (2) the areas of the property generally accessible to the public.