Pilot Program: Converting Empty Buildings into Affordable Housing
This act establishes a pilot program to convert vacant industrial and commercial buildings into housing. This initiative aims to increase the availability of affordable housing, particularly for lower-income households, and revitalize neglected urban areas. It could improve neighborhood aesthetics and enhance safety.
Key points
Empty warehouses, factories, malls, and hotels can be transformed into housing units.
The program supports the creation of housing affordable for middle and lower-income individuals.
Priority is given to projects in economically distressed areas and qualified opportunity zones.
Funds can be used for property acquisition, demolition, hazard remediation, site preparation, and construction or renovation.
The program seeks to improve local tax bases and increase housing access for the elderly, disabled, and veterans.
Status:
Introduced
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