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The Project Turnkey Act establishes a new federal program to convert vacant hotels and motels into housing and shelter for people experiencing homelessness or housing instability. The bill authorizes one billion dollars annually through 2034 to be distributed to eligible entities including states, cities, counties, nonprofits, and public housing agencies to acquire, rehabilitate, and operate these properties. Funds can be used for rental assistance, supportive services, and shelter expansion to help individuals and families who are homeless, at risk of homelessness, fleeing domestic violence, or experiencing youth homelessness. Recipients must use these funds to supplement rather than replace existing state or local housing resources, and up to fifteen percent can go toward administrative costs with the remainder directed toward direct housing and services. The Secretary of Housing and Urban Development has flexibility to waive certain regulatory requirements to speed implementation of the program.

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