RESIDE Act

The RESIDE Act creates a five-year pilot program, the Blighted Building to Housing Conversion Program, to convert vacant and abandoned blighted commercial or industrial buildings into attainable housing. The program would be funded by excess amounts in the HOME Investment Partnerships Program (specifically, funds beyond $1.35 billion when available) and run from fiscal years 2027 through 2031. Eligible jurisdictions (participating jurisdictions under HOME) could compete for grants to acquire, demolish, remediate health hazards, site-build, renovate, or otherwise convert these structures into housing units affordable to households at or below defined income thresholds. Grants would be in addition to existing HOME formula allocations and would emphasize priorities like distressed areas, Qualified Opportunity Zones, alignment with local comprehensive plans, and reducing regulatory barriers to conversion. A final study and Congress-facing report would assess the program’s impact on the tax base, affordable housing access (notably for the elderly, disabled, and veterans), homeownership, and blight removal.