RESIDE Act
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Summary
The RESIDE Act establishes a five-year pilot program (fiscal years 2027–2031) authorizing the Department of Housing and Urban Development to award competitive grants of $1–10 million to local jurisdictions for converting vacant and abandoned commercial or industrial buildings into affordable housing. Eligible uses include property acquisition, demolition, remediation, construction, and community land trust development. The program prioritizes projects in economically distressed areas, qualified opportunity zones, and jurisdictions that have reduced regulatory barriers to conversion. After the pilot concludes, HUD must report to Congress on the program's effects on local tax bases, affordable housing access, homeownership, and blight removal.
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