WASHINGTON, D.C. — A bipartisan bill from the U.S. Senate could help communities, including ones in Indiana, turn abandoned buildings into new housing.
U.S. Senator Jim Banks, R-Ind. introduced the Revitalizing Empty Structures Into Desirable Environments, or RESIDE, Act, with U.S. Senator Mark Warner, D-Virginia, earlier this month.
According to a news release from Banks’ office, the bill, if passed, would use funding from the Home Investment Partnerships program for the new pilot program. The four-year program would help turn abandoned or run-down buildings, including warehouses, factories, hotels and strip malls, into new single-family and multi-family homes.
The release said that under the bill, communities are able to compete for grants between $1 million and $10 million. Only cities, counties and states part of the HOME program will be able to apply.
“Owning a home is such a big part of the American dream,” Banks said in the release. “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.”