RESIDE Act
This bill, titled the Revitalizing Empty Structures Into Desirable Environments Act (RESIDE Act), would create a five-year pilot program within the HOME Investment Partnerships Program to convert vacant and abandoned blighted buildings into attainable housing. From fiscal years 2027 through 2031, and only if HOME funding above a specified threshold is available, the Department of Housing and Urban Development (HUD) could award competitive grants to eligible jurisdictions to acquire, demolish or remediate, and renovate or construct housing on these sites, with the goal of producing housing affordable to households at or below certain income levels. Grants would be used for activities such as acquisition, demolition, health hazard cleanup, site preparation, construction, and the creation or expansion of community land trusts. The bill includes priorities for distressed communities and opportunity zones, requires adherence to HOME program rules for the housing produced, and allows waivers of certain federal requirements to speed project delivery. A study and report on the program’s impacts would be due within 180 days after the pilot ends, focusing on blight reduction, affordable housing access, and local tax base effects.
Key Points
- 1Establishment of the Blighted Building to Housing Conversion Pilot Program under the HOME program, funded only if HOME appropriations exceed $1.35 billion, with up to $100 million available for the pilot (FY 2027–2031).
- 2Eligible recipients and project scope: competitive grants to eligible entities (participating jurisdictions) to convert vacant and abandoned commercial/industrial buildings into attainable housing, using funds for acquisition, demolition, health hazard remediation, site prep, construction/renovation, or community land trusts.
- 3Attainable housing definitions and unit creation: housing that serves households at or below 100% of area median income (AMI) with most units affordable to <=80% AMI, or serves households at or below 120% AMI with most units affordable to <=60% AMI; a “converted housing unit” is a unit created using a covered grant.
- 4Grant amounts and competition: when $100 million is available, each grant must be between $1 million and $10 million; if less funding is available, the Secretary should maximize the number of grants.
- 5Priorities and regulatory flexibility: grants favored for economically distressed areas, qualified opportunity zones, alignment with a jurisdiction’s consolidated plan, or efforts to reduce regulatory barriers to converting commercial/industrial properties to housing (without weakening safety/habitat standards); Secretary may waive certain statutory/regulatory requirements to carry out the program.
- 6Compliance and oversight: housing produced must follow HOME program rules for rental, sale, and resale; waivers apply to non-federal requirements only; a required study/report on economic and housing impacts is due within 180 days after pilot termination.