[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7862 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 7862
To direct the Secretary of Housing and Urban Development to undertake
activities to facilitate the conversion of certain buildings owned by
Federal, State, or local government into affordable residential rental
projects, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 2, 2024
Mr. Schiff (for himself, Mr. Gomez, and Mr. Amo) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To direct the Secretary of Housing and Urban Development to undertake
activities to facilitate the conversion of certain buildings owned by
Federal, State, or local government into affordable residential rental
projects, 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 ``Government Agencies Affordable
Housing Conversion Act of 2024''.
SEC. 2. ANNUAL HOUSING CONVERSION REPORT.
Not later than 1 year after the date of the enactment of this
section, and annually thereafter, the Secretary of Housing and Urban
Development, in coordination with the Administrator of General Services
and the Director of the Office of Management and Budget, shall conduct
a study and submit to Congress a report, to be known as the ``Annual
Housing Conversion Report'', that examines--
(1) whether the real estate owned by the Federal Government
is being optimized;
(2) whether the amount of real estate owned by the Federal
Government should be reduced; and
(3) whether any real estate owned by the Federal Government
could be converted into affordable dwelling units.
SEC. 3. EXPANSION OF EXPLORING OFFICE TO RESIDENTIAL CONVERSIONS GRANT
PROGRAM.
There is authorized to be appropriated to carry out the grant
program originally announced by the Secretary of Housing and Urban
Development on June 21, 2023, known as the ``Exploring Office to
Residential Conversions Program'', $1,750,000 for each of fiscal years
2025 through 2030.
SEC. 4. STATE AND LOCAL AFFORDABLE HOUSING CONVERSION GRANT PROGRAM.
(a) Establishment.--Not later than 1 year after the date of the
enactment of this section, the Secretary of Housing and Urban
Development shall establish a grant program, to be known as the
``Office to Residential Affordable Housing Conversion Program'' (in
this section referred to as the ``Conversion Program''), to facilitate
the conversion of buildings owned by a State or unit of local
government into qualified residential rental projects.
(b) Eligible Recipients.--In administering the Conversion Program,
the Secretary shall make grants available to States and units of local
government on a competitive basis in accordance with this section.
(c) Application.--To be eligible for a grant under the Conversion
Program, an entity described in subsection (b) shall submit to the
Secretary an application in such form, at such time, and containing
such information as the Secretary determines appropriate.
(d) Use of Funds.--Each entity that is awarded an amount under the
Conversion Program may use such amount for the acquisition of an
eligible building and any costs associated with converting such
building into qualified residential rental projects.
(e) Consultation With Continuum of Care Project Sponsors.--Each
entity that is awarded an amount under the Conversion Program is
encouraged to consult with a local project sponsor receiving amounts
under the continuum of care program under subtitle C of title IV of the
McKinney-Vento Homeless Assistance Act (42 U.S.C. 11381 et seq.).
(f) Definitions.--In this section:
(1) Eligible building.--The term ``eligible building''
means a building that the Secretary, in coordination with the
Administrator of General Services, determines is unused or
underutilized and suitable for residential development.
(2) Qualified residential rental project.--The term
``qualified residential rental project'' means any project for
residential rental property that at all times for the period
that is not less than 30 years, or the minimum period that a
State or unit of local government decides that is not less than
30 years, meets the following requirements:
(A) The project requires that--
(i) 20 percent or more of the residential
units in such project are occupied by a
household with an income that does not exceed
50 percent of the median income for the area;
(ii) 40 percent or more of the residential
units in such project are occupied by a
household with an income that does not exceed
60 percent of the median income for the area;
or
(iii) the average income of a household
occupying 40 percent or more of the residential
units in such project does not exceed 60
percent of the median income for the area,
although individual residential units within
that 40 percent of units may be occupied by a
household with an income that does not exceed
80 percent of the median income for the area.
(B) The housing costs, including water and sewer,
electricity, heating, cooling, trash, and recycling,
and other specific circumstances of the property that
may also be considered in affordability calculations
under local regulations, with respect to each
residential unit described in subparagraph (A) does not
exceed 30 percent of the income limit described in
subparagraph (A) that applies to the household
occupying such unit.
(3) State.--The term ``State'' means each of the several
States, the District of Columbia, each commonwealth, territory,
or possession of the United States, and each federally
recognized Indian Tribe.
(g) Authorization of Appropriations.--There is authorized to be
appropriated to carry out the Conversion Program $250,000,000 for each
of fiscal years 2025 through 2030.
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