RESIDE Act

The "Revitalizing Empty Structures Into Desirable Environments Act," or RESIDE Act, proposes a pilot program to facilitate the conversion of blighted commercial and industrial buildings into attainable housing. This program aims to address both urban decay and housing shortages by awarding competitive grants to eligible jurisdictions. Up to $100,000,000 annually would be allocated from excess HOME Investment Partnerships Program funds for fiscal years 2027 through 2031. These grants, ranging from $1,000,000 to $10,000,000 , can be used for property acquisition, demolition, remediation, and construction to create housing for households earning up to 120% of the area median income. Priority for grants will be given to projects in economically distressed communities, qualified opportunity zones, or those addressing identified housing needs and reducing regulatory barriers. The Secretary of Housing and Urban Development may waive certain requirements, excluding fair housing, labor standards, or environmental protections, to streamline the program. After the program concludes, the Secretary must report to Congress on its impact on local tax bases, affordable housing, homeownership, and blight removal.