The Government Agencies Affordable Housing Conversion Act of 2024 directs the Department of Housing and Urban Development to study and report annually on converting unused federal, state, and local government buildings into affordable housing. The bill establishes two grant programs: an expansion of an existing federal office-to-residential conversion program with $1.75 million per year, and a new state and local government conversion program with $250 million per year, both running from 2025 through 2030. State and local governments can apply competitively for grants to acquire and convert eligible buildings into affordable rental housing, where at least 20 to 40 percent of units must serve households earning no more than 50 to 60 percent of the area's median income, with housing costs capped at 30 percent of tenants' income for at least 30 years. The legislation aims to reduce underutilized government real estate while expanding the affordable housing supply in communities across the country.
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