The RESIDE Act establishes a five-year pilot program (2027-2031) that awards federal grants to local housing authorities to convert abandoned commercial and industrial buildings—such as old warehouses, factories, and hotels—into affordable housing. Eligible communities can receive between $1 million and $10 million per grant to cover acquisition, demolition, hazard remediation, construction, and renovation costs. The program prioritizes projects in economically distressed areas, qualified opportunity zones, communities that have reduced regulatory barriers to conversion, and areas with documented housing needs. Funding comes from excess amounts in the existing HOME Investment Partnerships Program when annual funding exceeds $1.35 billion, with up to $100 million available annually for this pilot. Within six months of the program's end, the HUD Secretary must report to Congress on the program's success in improving local tax bases, expanding affordable housing access for vulnerable populations, and reducing urban blight.
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