,,ii #aaith ,,congress #ast ,session ,s4 #bdfj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bd1 #bjbe ,mr4 ,banks 7for himself and ,mr4 ,warner7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to establish a pilot program to convert blighted buildings into housing4 #a4 ,short title ,this ,act may be cited as the ,revitalizing ,empty ,structures ,into ,desirable ,environments ,act or the ,,reside ,act4 #b4 ,blighted ,building to ,housing ,conversion ,program 7a7 ,definitions ,in this section3 7#a7 ,attainable housing ,the term attainable housing means housing that-- 7,a7 serves households earning not more than #ajj percent of the area median income1 if a majority of the housing units are affordable to households earning not more than #hj percent of the area median income2 or 7,b7 serves households earning not more than #abj percent of the area median income1 if the majority of the housing units are affordable to households earning not more than #fj percent of the area median income4 7#b7 ,converted housing unit ,the term converted housing unit means a housing unit that is created using a covered grant4 7#c7 ,covered grant ,the term covered grant means a grant awarded under the ,pilot ,program4 7#d7 ,eligible entity ,the term eligible entity means a participating jurisdiction1 as that term is defined in section #ajd of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgjd74 7#e7 ,,home ,investment ,partnerships ,program ,the term ,,home ,investment ,partnerships ,program means the program under subtitle ,a of title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgda et seq474 7#f7 ,pilot ,program ,the term ,pilot ,program means the ,blighted ,building to ,housing ,conversion ,program carried out under subsection 7b74 7#g7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7#h7 ,vacant and abandoned building ,the term vacant and abandoned building means a property-- 7,a7 that was constructed for use as a warehouse1 factory1 mall1 strip mall1 or hotel1 or for another industrial or commercial use2 and 7,b7 7i7 with respect to which-- 7,i7 a code enforcement inspection has determined that the property is not safe2 and 7,,ii7 not less than #ij days have elapsed since the owner was notified of the deficiencies in the property and the owner has taken no corrective action2 or 7ii7 that is subject to a court-ordered receivership or nuisance abatement related to abandonment pursuant to ,state or local law or otherwise meets the definition of an abandoned property under ,state law4 7b7 ,grant program ,for each of fiscal years #bjbg through #bjca1 if the amounts made available to carry out the ,,home ,investment ,partnerships ,program exceed #a1cej1jjj1jjj1 the ,secretary may use not more than #ajj1jjj1jjj of the excess amounts to carry out a pilot program1 to be known as the ,blighted ,building to ,housing ,conversion ,program1 under which the ,secretary awards grants on a competitive basis to eligible entities to convert vacant and abandoned buildings into attainable housing4 7c7 ,amount of grant 7#a7 ,in general ,for any fiscal year for which #ajj1jjj1jjj is available to carry out the ,pilot ,program pursuant to subsection 7b71 the amount of a covered grant shall be not less than #a1jjj1jjj and not more than #aj1jjj1jjj4 7#b7 ,fiscal years with lower funding ,for any fiscal year for which less than #ajj1jjj1jjj is available to carry out the ,pilot ,program pursuant to subsection 7b71 the ,secretary shall seek to maximize the number of covered grants awarded4 7d7 ,relation to ,,home ,investment ,partnerships ,program formula allocation ,a covered grant awarded to an eligible entity shall be in addition to1 and shall not affect1 the formula allocation for the eligible entity under the ,,home ,investment ,partnerships ,program4 7e7 ,priority ,in awarding covered grants1 the ,secretary shall give priority to an eligible entity that-- 7#a7 will use the covered grant in a community that is experiencing economic distress2 7#b7 will use the covered grant in a qualified opportunity zone 7as defined in section #adjj,z-#a7;a7 of the ,internal ,revenue ,code of #aihf72 7#c7 will use the covered grant to construct housing that will serve a need identified in the comprehensive housing affordability strategy and community development plan of the eligible entity under part #ia of title #bd1 ,code of ,federal ,regulations1 or any successor regulation 7commonly referred to as a consolidated plan72 or 7#d7 has enacted ordinances to reduce regulatory barriers to conversion of commercial or industrial properties to housing1 which shall not include any alteration of an ordinance that governs safety and habitability4 7f7 ,use of funds ,an eligible entity may use a covered grant for-- 7#a7 property acquisition2 7#b7 demolition2 7#c7 health hazard remediation2 7#d7 site preparation2 7#e7 construction1 renovation1 or rehabilitation2 or 7#f7 the establishment1 maintenance1 or expansion of community land trusts4 7g7 ,applicability of ,,home requirements ,the requirements for rental1 sale1 and resale of housing under the ,,home ,investment ,partnerships ,program shall apply to rental1 sale1 and resale of converting housing units under the ,pilot ,program4 7h7 ,waiver authority ,in administering covered grants1 the ,secretary may waive1 or specify alternative requirements for1 any statute or regulation that the ,secretary administers in connection with the obligation by the ,secretary or the use by eligible entities of covered grant funds 7except for requirements related to fair housing1 nondiscrimination1 labor standards1 or the environment7 if the ,secretary makes a public finding that good cause exists for the waiver or alternative requirement4 7i7 ,study2 report ,not later than #ahj days after the termination of the ,pilot ,program1 the ,secretary shall study and submit a report to ,congress on the impact of the ,pilot ,program on-- 7#a7 improving the tax base of local communities2 7#b7 increasing access to affordable housing1 especially for elderly individuals1 disabled individuals1 and veterans2 7#c7 increasing homeownership2 and 7#d7 removing blight4