RESIDE Act

This proposal sets up a small, time‑limited program to turn empty, blighted buildings into homes. The housing agency could use up to $100 million a year, but only if regular housing funds go above a set amount. Money would be awarded as competitive grants to local and state governments already in the federal HOME program. Grants could range from $1 million to $10 million when full funding is available, and would be on top of existing HOME funding, not a replacement. The money could pay for buying properties, demolition, cleaning up hazards, site prep, building or rehab work, and even creating or growing community land trusts. Normal HOME rules for renting or selling the new homes would apply. The agency could waive some red tape, but not rules about fair housing, discrimination, labor standards, or the environment. After the program ends, the agency must report on impacts like more affordable homes (especially for seniors, people with disabilities, and veterans), more homeowners, cleaner neighborhoods, and a stronger local tax base .

Priority would go to projects in struggling communities, designated opportunity zones, places where the need fits local housing plans, or where local rules already make it easier to convert old commercial or industrial buildings into housing. The program would run in fiscal years 2027 through 2031 and only use dollars above a specific federal housing funding threshold .

Key points

• Who is affected: Local/state housing jurisdictions; residents who need affordable homes, including seniors, people with disabilities, and veterans .
• What changes: Competitive grants to turn vacant and abandoned buildings into “attainable” housing; allowed uses include acquisition, demolition, hazard cleanup, site prep, construction/rehab, and community land trusts; HOME rental/sale rules still apply; limited waiver authority for certain requirements .
• When and how much: Operates 2027–2031; up to $100 million per year from excess HOME funds; typical grant size $1–$10 million when fully funded; grants are in addition to regular HOME allocations .