Sen. Banks’ RESIDE Act passes in the United States Senate - Senator Jim Banks (.gov)

WASHINGTON, D.C — Senator Jim Banks’ the Revitalizing Empty Structures Into Desirable Environments (RESIDE) Act passed in the United States Senate on March 12 as part of the 21st Century ROAD to Housing Act. The bill passed on the Senate floor with a vote of 89 to 10. 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 homes for families in Indiana. “Owning a home is such a big part of the American dream. But with prices so high, especially for young people, we have to get serious about building more homes,” said Sen. Banks (R-Ind.). “This bill is a commonsense way to revitalize our communities and give more families a real chance to buy a home.” Key Provisions of the Revitalizing Empty Structures Into Desirable Environments Act. 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.