Revitalizing Empty Structures Into Desirable Environments Act; RESIDE Act
Summary
The RESIDE Act aims to establish a pilot program for converting blighted buildings into attainable housing. The program, named the Blighted Building to Housing Conversion Program, would be administered by the Secretary of Housing and Urban Development (HUD). It focuses on repurposing vacant commercial or industrial properties into housing for households earning up to 120% of the area median income.
Expected Effects
If enacted, the RESIDE Act would provide grants to eligible entities for property acquisition, demolition, and construction. It prioritizes projects in economically distressed areas and qualified opportunity zones. The Act also mandates a study and report to Congress on the program's impact.
Potential Benefits
- Increased access to attainable housing, especially for vulnerable populations.
- Improved tax base for local communities by revitalizing blighted properties.
- Reduction of blight and potential increase in homeownership.
- Economic stimulus through construction and renovation projects.
- Prioritization of projects in economically distressed areas and opportunity zones.
Potential Disadvantages
- Potential strain on the HOME Investment Partnerships Program due to the diversion of funds.
- Risk of inefficient use of funds if projects are not properly managed.
- Limited scope of the pilot program, potentially restricting its overall impact.
- Possible displacement of existing businesses or residents during conversion.
- Dependence on the Secretary's discretion in granting waivers, potentially leading to inconsistencies.
Constitutional Alignment
The RESIDE Act appears to align with the Constitution's general welfare clause (Preamble). It also aligns with Congress's power to regulate property and provide for the general welfare through housing programs (Article I, Section 8). The Act does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).