US HB5591

Establishes a pilot program (fiscal years 2027-2031) allowing HUD to use up to $100 million annually from HOME Investment Partnerships Program funding exceeding $1.35 billion to convert vacant and abandoned commercial buildings into attainable housing

Competitive grants ranging from $1 million to $10 million awarded to participating jurisdictions for converting warehouses, factories, malls, strip malls, hotels, and other commercial/industrial properties that have been deemed unsafe or are subject to court-ordered receivership

Funds may be used for property acquisition, demolition, health hazard remediation, site preparation, construction/renovation, and community land trust establishment

Priority given to applicants in economically distressed communities, qualified opportunity zones, areas with identified housing needs in consolidated plans, and jurisdictions that have reduced regulatory barriers to commercial-to-residential conversions

Requires HUD to submit a report to Congress within 180 days of program termination on impacts including local tax base improvement, affordable housing access for elderly, disabled, and veteran populations, homeownership rates, and blight removal