Bill > S2460

This bill establishes the Blighted Building to Housing Conversion Program (RE-SIDE Act), a pilot program designed to transform vacant and abandoned commercial buildings into affordable housing. From fiscal years 2027-2031, the Secretary of Housing and Urban Development can award competitive grants between $1-10 million to eligible entities (such as participating jurisdictions) if HOME Investment Partnerships Program funding exceeds $1.35 billion. The program targets commercial properties like warehouses, factories, and hotels that have been deemed unsafe or abandoned, with the goal of creating "attainable housing" for households earning up to 120% of the area median income. Grants can be used for property acquisition, demolition, hazard remediation, site preparation, construction, and establishing community land trusts. The program prioritizes projects in economically distressed communities, opportunity zones, and areas with identified housing needs. Recipients must follow existing HOME program requirements for rental and sale of housing units. After the pilot program concludes, the Secretary will conduct a study assessing its impact on local tax bases, affordable housing access, homeownership, and blight reduction. The bill includes provisions allowing the Secretary to waive certain administrative regulations to facilitate program implementation.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2460/all-info