Senate Passes Significant Housing Bill That Includes Incentives for Conversion of Commercial and Industrial Properties

Earlier this month, the Senate passed the 21st Century ROAD to Housing Act, which takes important steps to close the nation’s housing supply gap and make homes more affordable. The bill gives communities new tools and resources to build more homes, streamlines federal processes that delay construction, and updates financing options for manufactured and rural housing. 

An important initiative included in the bill is the Revitalizing Empty Structures Into Desirable Environments (RESIDE) Act, which creates a pilot grant program to help local governments convert vacant commercial or industrial buildings into affordable housing, prioritizing economically distressed areas and Opportunity Zones, with funding from excess HOME Investment Partnerships Program grant allocations.

The bill is now in the House of Representatives, awaiting review.

ROAD TO HOUSING ACT