§12757 Revitalizing Empty Structures Into Desirable Environments

Summary

Create a pilot grant program to turn old, empty industrial or commercial buildings into attainable housing. The program runs from fiscal year 2027 through 2031 and gives competitive grants to participating local governments. If at least $100,000,000 is available for a year, each grant must be between $1,000,000 and $10,000,000. If less than $100,000,000 is available, the program must try to fund as many grants as possible. Grants are extra money and do not reduce any other formula funding the local government gets. Key words: Attainable housing — housing for people earning up to 120% of the area median income when most units are affordable to people earning up to 60%; Converted housing unit — a unit created with a covered grant; Covered grant — a grant from this Pilot Program; Eligible entity — a participating jurisdiction; Pilot Program — the grant program for 2027–2031; Vacant and abandoned building — a former warehouse, factory, mall, strip mall, hotel, or similar building that is unsafe and not fixed after 90 days of notice, or is in court receivership or meets a state rule for “abandoned.” Priority goes to projects in areas with economic trouble, in qualified opportunity zones, that match local housing plans, or where local rules lower barriers to conversion (but not rules about safety or habitability). Grant money can pay for buying property, demolition, cleaning health hazards, site work, building or rehab work, and starting or expanding community land trusts or housing co-ops. The Secretary may waive or change rules the Secretary runs (but not rules about fair housing, nondiscrimination, labor, or the environment) if there is a public finding of good cause. Within 180 days after the program ends, the Secretary must send Congress a report on effects like tax base, access to affordable housing (including for elderly, disabled, and veterans), home-ownership, and removing blight.