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Pilot Program: Insuring Loans for Basement-to-Housing Conversions

This bill establishes a pilot program to help homeowners secure insured loans for converting basements into safe, habitable rental units. The aim is to increase housing availability and utilize existing space. The program will run for 5 years and cover up to 150,000 mortgages.
Key points
Facilitates access to loans for converting basements into rental housing, potentially increasing available rental units.
Provides financial support for renovations and adapting basements to safety and habitability standards.
Prioritizes properties in disaster-prone areas, which could aid in recovery and adaptation after damages.
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Expired
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Additional Information
Print number: 118_HR_10294
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Process start date: 2024-12-04
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Habitable Housing Conversion Pilot Program Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10294.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-12-04.

What are the main provisions?

Key points include:

  • Facilitates access to loans for converting basements into rental housing, potentially increasing available rental units.
  • Provides financial support for renovations and adapting basements to safety and habitability standards.
  • Prioritizes properties in disaster-prone areas, which could aid in recovery and adaptation after damages.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Meeks, Gregory W. [D-NY-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

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Real Estate Public Investments