Vacancy to Value Act of 2026

The General Services Administration (GSA) would establish a five-year pilot program to facilitate the sale or transfer of underutilized Federal properties for community redevelopment. These properties, which are not fully utilized or are deemed excess, could be sold for less than fair market value to entities committed to projects such as affordable housing, job creation, or community facilities. Acquiring entities must submit a redevelopment plan and begin work within five years, with GSA retaining the right to recapture the property if requirements are not met. Priority consideration for these properties will be given to community-based nonprofit organizations and public entities. Concurrently, the Department of Housing and Urban Development (HUD) would create a Federal Redevelopment Grant Program to provide competitive funding for projects acquiring properties through the GSA pilot. These grants can support various activities, including predevelopment, construction, and infrastructure improvements, specifically for affordable housing and community facilities. HUD will prioritize projects that create or preserve affordable housing and benefit low-income or historically underserved communities, requiring recipients to demonstrate a substantial public benefit to the surrounding community.