Banks
Last Thursday, Senator Jim Banks (R-Ind.) introduced the Revitalizing Empty Structures Into Desirable Environments Act with Senator Mark Warner (D-Va.).
This bill would set aside funding within the Home Investment Partnerships Program (HOME) starting in 2026 for a new pilot program to help communities turn abandoned or run-down buildings – like warehouses, factories, hotels, strip malls, and other unused spaces – into new housing.
Jensen
“Hoosiers sent Senator Banks to D.C. to produce results for our communities,” Noblesville Mayor Chris Jensen said. “The RESIDE Act, introduced by Senator Banks, would put measures in place to revitalize blighted properties and spur economic growth and opportunities. This bill will have lasting benefits for the Hoosier state and local communities that receive the grant dollars to redevelop blighted properties. Local communities often look for ways to reinvest in existing infrastructure, and this bill does that.”
This effort will support both single-family and multi-family homes.
Schmicker
“As Mayor of Tipton, I strongly support this commonsense pilot program that empowers communities like ours to transform abandoned properties into workforce housing,” Tipton Mayor Kegan Schmicker said. “This addresses two critical needs: removing blight while creating attainable homes for the nurses, teachers, police officers, and firefighters who are the backbone of our community. It’s exactly the kind of flexible federal partnership that works – building on proven programs while empowering local decision-making.”
Key provisions
- Creates a 4 Year Pilot Program: Using HOME formula funds to redevelop deteriorated property.
- Establishes a Funding Range: Communities can compete for grants between $1 million and $10 million.
- Adds Supplemental Support: These grants are in addition to existing HOME formula funding.
- Ensures Funds Are Still Available: Based on current funding levels, up to $100 million could be available nationwide each year for this effort.
- Determines Who Can Apply: Only cities, counties, and states already part of the HOME program can apply.
- Includes Eligible Costs: Such as buying abandoned buildings at market price, site clean-up and preparation, weatherization and energy efficiency upgrades, major repairs like plumbing, HVAC, and sewer, construction needed to create affordable homes.
This legislation includes no new spending. Click here to read the full text of the bill.