Bill · S. 2460· Senate(119-S-2460)
RESIDE Act
- Introduced
- 7/24/2025
- Last activity
- 7/24/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Jim Banks
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
The RESIDE Act establishes a pilot program called the Blighted Building to Housing Conversion Program. This program allows the Secretary of Housing and Urban Development to award competitive grants to eligible entities to convert vacant and abandoned buildings into attainable housing. The program utilizes excess funds from the HOME Investment Partnerships Program if those funds exceed $1.35 billion. Grants can range from $1,000,000 to $10,000,000 depending on available funding. The goal is to transform properties like warehouses, factories, or malls into housing options.
Yes· 3 of 12
Does this make housing cost less?+7
The bill creates a specific mechanism to convert vacant buildings into attainable housing for households earning various percentages of the area median income.
Would households on low incomes be better off under this?+6
The program focuses on creating attainable housing for households earning a significant percentage of the area median income.
Would middle-income households be better off under this?+4
The bill targets 'attainable housing' which includes households earning up to 120 percent of the area median income.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Creation of Attainable Housing: The bill provides for the conversion of buildings into housing that serves households earning various percentages of the area median income, providing more options for those seeking affordable living (Section 2(a)(1)).
-
Community Revitalization: The program aims to remove blight by converting vacant and abandoned buildings, such as warehouses, factories, or malls, into usable housing (Section s2(a)(8) and Section 2(i)(4)).
-
Support for Distressed Areas: Priority is given to entities using funds in communities experiencing economic distress or in qualified opportunity zones (Section 2(e)(1) and Section 2(e)(2)).
-
Comprehensive Use of Funds: Grants can be used for various necessary steps including property acquisition, demolition, health hazard remediation, and site preparation, which helps prepare neglected properties for use (Section 2(f)).
-
Protection of Existing Allocations: The grants awarded through this pilot program are in addition to, and do not affect, the existing formula allocation for eligible entities under the HOME Investment Partnerships Program (Section 2(d)).
Potential Negative Impacts for People
-
Conditional Funding: The pilot program's implementation is dependent on the HOME Investment Partnerships Program exceeding $1,350,000,000, meaning the program may not be fully funded if those specific thresholds are not met (Section 2(b)).
-
Regulatory Waivers: The Secretary has the authority to waive or change certain statutes or regulations related to the use of the funds, provided a finding of good cause is made (Section 2(h)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Low Income Households+6Good For Middle Class Households+4Good For People With Disabilities+3Good For Seniors+3Good For Veterans+3Good For Young Adults+3
- Social Issues And Justice
- Improves Affordable Housing+7Reduces Homelessness+2
- Economy And Finance
- Improves Economic Growth+3Increases Job Creation+3
- Environment Energy And Infrastructure
- Improves Rural Development+1
- Governance And Ideology
- Improves Government Transparency+1
- 7/24/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Mark WarnerDemocrat · Virginia