RESIDE Act

Summary

Creates a HUD pilot program to convert vacant or abandoned commercial and industrial buildings into attainable housing. The program would provide competitive grants to eligible local jurisdictions using up to $100 million of excess HOME program appropriations in fiscal years 2027–2031 (only when HOME appropriations exceed a specified threshold), apply HOME program rules to converted units, allow limited regulatory waivers, and require a post‑pilot study and report to Congress.

• Creates a HUD competitive grant pilot to convert vacant commercial/industrial buildings into attainable housing.
• Authorizes use of up to $100 million of excess HOME program appropriations in FY2027–FY2031, only when HOME funding exceeds a $1.35B threshold.
• Individual grants range from $1 million to $10 million when full funds are available; award sizes are adjusted to maximize recipients if funds are smaller.
• Grants are supplemental to HOME formula allocations and converted units must meet HOME rental/sale/resale requirements.
• HUD may waive many HUD‑administered rules for the pilot, but not fair housing, nondiscrimination, labor, or environmental protections.
• HUD must study and report to Congress on the pilot’s effects within 180 days after the pilot ends.
• Funding is conditional on future HOME appropriations levels, making program launch and scale uncertain.
• Targets reuse of blighted properties to increase attainable housing and revitalize commercial/industrial sites.