The RESIDE Act would create a pilot program from 2027 through 2031. If funding for the HOME Investment Partnerships Program exceeds $1.35 billion in a year, the Secretary of Housing and Urban Development could use up to $100 million of the excess for competitive grants. Grants would help eligible local governments convert qualifying vacant and abandoned commercial or industrial buildings into attainable housing.
Grant funds could pay for buying property, demolition, hazard cleanup, site preparation, construction or renovation, and community land trusts. The bill gives priority to projects in economically distressed communities, opportunity zones, areas with identified housing needs, or places that have reduced certain conversion rules while keeping safety and habitability rules. HOME program requirements for renting, selling, and reselling housing would apply. The Secretary could waive some other requirements after making a public finding, but not fair housing, nondiscrimination, labor, or environmental requirements. The Secretary would report to Congress on the program's effects after it ends.
Eligible local governments could apply for grants to convert qualifying buildings into housing. The bill does not guarantee that any particular community or person would receive housing. Rental, sale, and resale rules under the HOME program would apply to homes created with grants.
The program could use up to $100 million per year from HOME funds above $1.35 billion, for fiscal years 2027 through 2031. If the full $100 million is available, grants would be between $1 million and $10 million each. With less funding, the Secretary would seek to award as many grants as possible. The bill does not state individual costs.
No publicly available information.
No publicly available information.