Senator Banks’ RESIDE Act Passes in the United States Senate

WASHINGTON, D.C, - Today, Senator Banks' bill, the Revitalizing Empty Structures Into Desirable Environments (RESIDE) Act passed in the United States Senate as part of the 21^stCentury 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.

Senator Jim Banks (R-Ind.): "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. 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 inaddition 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.

Full bill text can be found here.

Background:

Indiana has 14 "participating jurisdictions" (including the state itself) that receive federal HOME funding for housing. Some examples of vacant or abandoned properties in the state including:

· Gary: An estimated 13,000 abandoned buildings

· Indianapolis: Over 1,800 vacant properties

· Muncie: A local blogger highlighted the demolition of Muncie Mall-this site could be a candidate for redevelopment under the new pilot program.

This bill would ensure that communities such as the ones listed above receive the funding needed to redevelop these spaces into livable and workable places that benefit families across Indiana.

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