RESIDE Act

The RESIDE Act establishes a federal grant program to convert vacant, unsafe commercial or industrial buildings (like abandoned warehouses or hotels) into affordable housing. It provides up to $100 million annually for competitive grants to local governments and community organizations to renovate these properties into "attainable housing" for low-to-moderate income households (earning up to 120% of local median income). Priority is given to projects in economically distressed areas, designated opportunity zones, or communities with housing plans addressing specific needs. The program requires grants to fund property acquisition, renovation, and community land trusts, with a final report to Congress on its impact on housing access, blight removal, and local tax bases.