Senator Jim Banks (R-Ind.) introduced the Revitalizing Empty Structures Into Desirable Environments (RESIDE) Act with Senator Mark Warner (D-Va.). This bill would set aside funding within the Home Investment Partnerships Program (HOME) starting in 2026 for a new pilot program to help communities turn abandoned or run-down buildings, like warehouses, factories, hotels, strip malls, and other unused spaces, into new housing.
Key Provisions of the Revitalizing Empty Structures Into Desirable Environments Act.
- Creates a 4 Year Pilot Program: Using HOME formula funds to redevelop deteriorated property.
- Establishes a Funding Range: Communities can compete for grants between $1 million and $10 million.
- Adds Supplemental Support: These grants are in addition to existing HOME formula funding.
- Ensures Funds Are Still Available: Based on current funding levels, up to $100 million could be available nationwide each year for this effort
- Determines Who Can Apply: Only cities, counties, and states already part of the HOME program can apply.
- Includes Eligible Costs: Such as buying abandoned buildings at market price, site clean-up and preparation, weatherization and energy efficiency upgrades, major repairs like plumbing, HVAC, and sewer, construction needed to create affordable homes.
To view the Press Release from Senator Jim Banks along with a link to the full text of the proposed legislation, please click here