RESIDE Act

The RESIDE Act creates a federal grant program to convert vacant commercial or industrial buildings (like empty malls or factories) into affordable housing. It allocates up to $100 million annually from excess HOME Program funds (2027-2031) to award competitive grants to local governments and community groups. These grants fund property acquisition, renovation, and health hazard remediation to create "attainable housing" for households earning up to 100% of local median income. Priority is given to projects in economically distressed areas, qualified opportunity zones, or communities with local housing plans addressing affordability needs. The program requires converted housing to comply with HOME Program standards for affordability and accessibility, targeting residents like seniors, veterans, and low-income households.