To amend the Housing and Community Development Act of 1974 to authorize grants to assist in redeveloping abandoned shopping centers, and for other purposes.
About This Bill
Committee
Latest Action · May 10, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill authorizes the federal government to provide grants of up to five million dollars to help cities and states redevelop abandoned or failing shopping centers into new uses. The grants target large shopping facilities covering at least twenty acres that are significantly vacant, such as those with empty storefronts or closed major department stores. To be eligible, redevelopment projects must focus on priorities like transit-oriented development, affordable housing, or serving lower-income communities, and recipients must contribute matching funds exceeding fifty percent of the grant amount from local, state, or other federal sources. The legislation allocates fifty million dollars in funding for each of fiscal years 2024 and 2025 for these grants, along with five hundred million dollars in loan guarantees to help finance the projects. The bill also requires the Department of Housing and Urban Development to provide technical assistance to applicants and submit annual reports on how the grants are used, while the Government Accountability Office must evaluate the program's effectiveness within two years.
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