The RESIDE Act establishes a five-year pilot program (2027–2031) to convert abandoned commercial and industrial buildings—such as warehouses, factories, and hotels—into affordable housing for low- and moderate-income households. The Department of Housing and Urban Development will award competitive grants of $1 million to $10 million to eligible local governments and community organizations, with up to $100 million available annually from excess HOME Investment Partnerships Program funding. Priority will be given to projects in economically distressed areas, qualified opportunity zones, and communities that have reduced regulatory barriers to converting commercial properties to housing. Grant funds can be used for property acquisition, demolition, hazard remediation, construction, renovation, and establishing community land trusts. HUD must report to Congress within six months after the program ends on its impact on local tax bases, affordable housing access, homeownership rates, and blight removal.