Congress funds conversion of abandoned buildings into affordable housing
S. 2460 — RESIDE Act · Filed by Jim Banks (R-IN) · 1 cosponsor · Introduced Jul 24, 2025 · Referred to committee
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What it does
This bill creates a five-year pilot program (2027–2031) that gives up to $100 million per year in federal grants to cities and counties to convert abandoned commercial buildings (warehouses, factories, malls, hotels) into affordable housing. Eligible entities receive $1–10 million grants to buy, demolish, remediate, and rebuild these properties into homes for households earning up to 100–120% of area median income. The program prioritizes distressed communities, opportunity zones, and jurisdictions that have reduced zoning barriers to conversion.
Why we flagged it
The bill's core mechanism is a competitive grant program to convert vacant commercial properties into affordable housing. It is a straightforward federal subsidy for local housing development with clear eligibility criteria and public-interest objectives.
What the text implies
- The waiver authority (Section 8) permits HUD to override most federal statutes and regulations except fair housing, nondiscrimination, labor, and environmental rules. This broad discretion could allow HUD to waive accessibility, historic preservation, or other protections on a case-by-case basis if deemed in the public interest.
- The program is contingent on HOME Investment Partnerships Program funding exceeding $1.35 billion annually. If HOME funding drops below that threshold, the pilot receives no funding, making the program vulnerable to appropriations cuts or reallocation.
- Priority is given to qualified opportunity zones (QOZ), which are tax-advantaged investment areas. While the bill does not create QOZ incentives, it may amplify existing tax benefits by directing federal housing grants to the same geographies, potentially concentrating federal subsidy in areas already receiving private capital.
- The bill requires HUD to study and report on tax-base improvement, homeownership, and blight removal, but does not mandate any follow-up legislation or enforcement if outcomes are poor. The study is informational only.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
The bill directly funds affordable housing production in blighted areas without imposing new costs on citizens or restricting their rights. It targets economically distressed communities and removes regulatory barriers to housing supply, which may increase affordability and reduce vacancy-driven blight. The program is time-limited, competitive, and subject to fair-housing and labor standards.
Who stands to gain
- Local housing authorities and nonprofits (eligible entities receiving grants)
- Construction and real estate development firms (contractors hired for conversion work)
- Community land trusts (eligible use of grant funds)
Named in the bill
HUD (Department of Housing and Urban Development), HOME Investment Partnerships Program, Cranston-Gonzalez National Affordable Housing Act, Qualified Opportunity Zones (IRC Section 1400Z-1), Participating jurisdictions, Community land trusts
Where it stands
1 cosponsor: 1 Democrats.
- Jul 24, 2025 — Introduced · Congress.gov: “Introduced in Senate”
- Jul 24, 2025 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
2 lobbying clients named this bill on 2 disclosure filings across 1 quarter, Jun 2026 to Jun 2026. Those filings disclosed $500,000 in lobbying spend. A filing names 24 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 41% of bills with at least one filing.
Jim Banks, the sponsor, reported $559,626 in PAC receipts in the 2026 cycle.
- International Council of Shopping Centers — $460,000 on 1 filing
- Up for Growth Action Inc — $40,000 on 1 filing
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (5,531 characters) on Aug 12, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Jun 2026 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
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