RESIDE Act

Grants to convert blighted buildings to housing

This bill would create a five-year pilot (2027–2031) to convert vacant commercial buildings into attainable housing. HUD could use up to $100 million a year from HOME funds, but only when HOME funding exceeds $1.35 billion. Grants would be competitive and generally $1 million to $10 million each. Funds could buy property, demolish unsafe buildings, remove health hazards, prepare sites, build or rehab housing, and support community land trusts. To qualify as "attainable housing," the bill sets AMI rules: if most units are affordable at or below 80% AMI, the project can serve households up to 100% of AMI; if most units are affordable at or below 60% AMI, it can serve households up to 120% of AMI. A "vacant and abandoned building" must have been built for commercial or industrial use and be unsafe with 90 days of owner inaction, or be under court receivership or meet a state abandoned-property test. HUD must prioritize projects in distressed communities, opportunity zones, and projects tied to local consolidated plans, and HUD could waive some HUD rules for these grants but not fair housing, nondiscrimination, labor, or environmental rules.