Senate BillS 2460Housing and Community Development
RESIDE Act
INTRO JUL 24· LAST ACTION JUL 24
READING
5MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8
Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-written
This bill matters because it tries to tackle two big problems at once: the shortage of affordable housing and the issue of neglected, blighted buildings in communities. If passed, it could lead to more homes being built without needing to develop new land, which can be faster and more environmentally friendly. By cleaning up old, vacant structures, neighborhoods could become safer, more attractive, and potentially see an increase in local property values and a boost to their tax base.
If this bill becomes law, communities would have a new source of federal funding specifically for converting blighted commercial spaces into housing, potentially speeding up revitalization efforts and offering more attainable housing options. If it doesn't pass, communities would continue to rely on existing, broader housing and development programs, which might not specifically target this type of building conversion or offer the same level of dedicated funding, potentially slowing progress on these specific issues.
KEY PROVISIONS
5AI-extracted
PROVISION 01
Establishes a pilot grant program for converting specific types of vacant and abandoned commercial/industrial buildings into housing.
This creates the main mechanism for the bill's goal of reusing existing structures to create new homes.
PROVISION 02
Requires that the housing created must be "attainable housing," serving households earning not more than 100-120 percent of the area median income, with a majority for lower-income households.
This ensures the housing created addresses critical affordability needs for moderate-income individuals and families.
PROVISION 03
Funds the pilot program using up to $100,000,000 of excess amounts from the HOME Investment Partnerships Program, but only if HOME funding exceeds $1,350,000,000 each year for fiscal years 2027 through 2031.
This defines the specific, conditional funding source and timeframe for the program, tying its existence to the overall health of another federal housing program.
PROVISION 04
Gives priority in awarding grants to projects in economically distressed communities, qualified opportunity zones, those addressing identified local housing needs, or areas with reduced regulatory barriers to conversion.
This directs resources to communities deemed most in need or those that have taken steps to facilitate such projects.
PROVISION 05
Allows the Secretary of Housing and Urban Development to waive certain administrative regulations for grant recipients, excluding those related to fair housing, nondiscrimination, labor standards, or the environment.
This provides flexibility to streamline project implementation while maintaining essential protections.
This bill matters because it tries to tackle two big problems at once: the shortage of affordable housing and the issue of neglected, blighted buildings in communities. If passed, it could lead to more homes being built without needing to develop new land, which can be faster and more environmentally friendly. By cleaning up old, vacant structures, neighborhoods could become safer, more attractive, and potentially see an increase in local property values and a boost to their tax base.
If this bill becomes law, communities would have a new source of federal funding specifically for converting blighted commercial spaces into housing, potentially speeding up revitalization efforts and offering more attainable housing options. If it doesn't pass, communities would continue to rely on existing, broader housing and development programs, which might not specifically target this type of building conversion or offer the same level of dedicated funding, potentially slowing progress on these specific issues.
KEY PROVISIONS
AI-extracted
high
Establishes a pilot grant program for converting specific types of vacant and abandoned commercial/industrial buildings into housing.
This creates the main mechanism for the bill's goal of reusing existing structures to create new homes.
high
Requires that the housing created must be "attainable housing," serving households earning not more than 100-120 percent of the area median income, with a majority for lower-income households.
This ensures the housing created addresses critical affordability needs for moderate-income individuals and families.
med
Funds the pilot program using up to $100,000,000 of excess amounts from the HOME Investment Partnerships Program, but only if HOME funding exceeds $1,350,000,000 each year for fiscal years 2027 through 2031.
This defines the specific, conditional funding source and timeframe for the program, tying its existence to the overall health of another federal housing program.
med
Gives priority in awarding grants to projects in economically distressed communities, qualified opportunity zones, those addressing identified local housing needs, or areas with reduced regulatory barriers to conversion.
This directs resources to communities deemed most in need or those that have taken steps to facilitate such projects.
low
Allows the Secretary of Housing and Urban Development to waive certain administrative regulations for grant recipients, excluding those related to fair housing, nondiscrimination, labor standards, or the environment.
This provides flexibility to streamline project implementation while maintaining essential protections.
Housing that is affordable for people earning up to a certain percentage of the average income in their area, typically for moderate-income households.
Blighted building
An abandoned and unsafe commercial or industrial building that has been determined to be unsafe by a code enforcement inspection, or is subject to court actions related to abandonment.
Pilot Program
A small-scale, trial program designed to test a new idea or approach before deciding whether to expand it more widely.
Area Median Income (AMI)
The midpoint of a region's income distribution, meaning half of the households in that area earn more and half earn less. It is often used to set eligibility for housing assistance programs.
Participating jurisdiction
A state, county, or city that receives federal housing funds, specifically as defined by section 104 of the Cranston-Gonzalez National Affordable Housing Act.
HOME Investment Partnerships Program
A major federal program administered by the Department of Housing and Urban Development that provides funding to states and local governments to create affordable housing for low-income households.
ACTION TIMELINE
2 EVENTS
JUL 24, 25
Introduced in Senate
INTROREFERRAL
JUL 24, 25
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
