RESIDE Act

Key Points

• Creates a HUD pilot grant program to help cities and local housing agencies turn unsafe, empty commercial buildings into housing.
• Funding could be up to $100 million each year from 2027 to 2031, but only if the broader housing grant program has funding above a set level.
• Grants would generally run from $1 million to $10 million and can pay for buying property, demolition, cleanup, construction, and renovations.
• HUD would prioritize places with economic distress, certain tax-favored investment zones, and communities that have reduced red tape for conversions while keeping safety rules.
• After the pilot ends, HUD must report to Congress on results like more affordable housing, less blight, and impacts for seniors, people with disabilities, and veterans.