To establish a pilot program for the Secretary of Housing and Urban Development to evaluate the effectiveness of insuring mortgages made to finance improvements to convert basement spaces into safely habitable dwelling units, and for other purposes.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8854 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8854 To establish a pilot program for the Secretary of Housing and Urban Development to evaluate the effectiveness of insuring mortgages made to finance improvements to convert basement spaces into safely habitable dwelling units, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 15, 2026 Mr. Meeks (for himself and Ms. Velazquez) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To establish a pilot program for the Secretary of Housing and Urban Development to evaluate the effectiveness of insuring mortgages made to finance improvements to convert basement spaces into safely habitable dwelling units, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Habitable Housing Conversion Pilot Program Act of 2026''. SEC. 2. PILOT PROGRAM FOR INSURANCE OF CONVERSION LOANS. (a) Establishment.--The Secretary of Housing and Urban Development (in this section referred to as the ``Secretary'') shall carry out pilot program to insure mortgages, under section 203(k) of the National Housing Act (12 U.S.C. 1709(k)(2)), made to finance improvements necessary to convert space in the basements of owner-occupied properties, into safe and habitable dwelling units that are to be made available for rental, meet all State and local building and safety standards and codes, and comply with the regulations issued by the Secretary pursuant to subsection (c) of this section. (b) Scope.--The Secretary shall carry out the pilot program under this section during the 5-year period beginning on the date of the enac