To establish a pilot program for the Secretary of Housing and Urban Development to evaluate the effectiveness of insuring mortgages made to finance improvements to convert basement spaces into safely habitable dwelling units, and for other purposes.
About This Bill
Committee
Latest Action · December 4, 2024
Referred to the House Committee on Financial Services.
This bill establishes a five-year pilot program through the Department of Housing and Urban Development to help homeowners finance the conversion of basement spaces into safe, rentable dwelling units by insuring mortgages for these improvement projects. The program will use existing FHA mortgage insurance tools and can support up to 150,000 mortgages, with priority potentially given to properties in areas prone to natural hazards like flooding. Homeowners seeking mortgages under this program must ensure their converted basement units meet all state and local building codes and safety standards. The bill requires the HUD Secretary to consult with federal emergency management and weather agencies when identifying priority areas and to issue detailed regulations ensuring converted spaces are safe and habitable. After five years, the HUD Secretary must report to Congress on how well the program worked, what barriers exist to basement conversions, and whether the program should continue, be reformed, or end.
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