Bill > HR5591

This bill establishes the "Blighted Building to Housing Conversion Program" (RE-SIDE Act), a pilot program running from fiscal years 2027-2031 that allows the Secretary of Housing and Urban Development to award competitive grants to eligible entities to convert vacant and abandoned commercial or industrial buildings into attainable housing. The program will only be funded if HOME Investment Partnerships Program funding exceeds $1.35 billion, with up to $100 million available annually for grants ranging from $1-10 million. Grants can be used for property acquisition, demolition, hazard remediation, site preparation, construction, and establishing community land trusts, with priority given to projects in economically distressed areas or opportunity zones. Eligible entities must follow existing HOME program requirements for rental, sale, and resale of housing units. The bill defines "attainable housing" as units serving households earning up to 100-120% of area median income, with a majority of units affordable to lower-income households. After the pilot program concludes, the Secretary must submit a report to Congress evaluating the program's impact on local tax bases, affordable housing access, homeownership, and blight reduction.

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https://www.congress.gov/bill/119th-congress/house-bill/5591/all-info