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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10294 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                               H. R. 10294

  To establish a pilot program for the Secretary of Housing and Urban 
Development to evaluate the effectiveness of insuring mortgages made to 
 finance improvements to convert basement spaces into safely habitable 
                dwelling units, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            December 4, 2024

  Mr. Meeks (for himself and Ms. Velazquez) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
  To establish a pilot program for the Secretary of Housing and Urban 
Development to evaluate the effectiveness of insuring mortgages made to 
 finance improvements to convert basement spaces into safely habitable 
                dwelling units, 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 ``Habitable Housing Conversion Pilot 
Program Act of 2024''.

SEC. 2. PILOT PROGRAM FOR INSURANCE OF CONVERSION LOANS.

    (a) Establishment.--The Secretary of Housing and Urban Development 
(in this section referred to as the ``Secretary'') shall carry out 
pilot program to insure mortgages, under section 203(k) of the National 
Housing Act (12 U.S.C. 1709(k)(2)), made to finance improvements 
necessary to convert space in the basements of owner-occupied 
properties, into safe and habitable dwelling units that are to be made 
available for rental, meet all State and local building and safety 
standards and codes, and comply with the regulations issued by the 
Secretary pursuant to subsection (c) of this section.
    (b) Scope.--The Secretary shall carry out the pilot program under 
this section during the 5-year period beginning on the date of the 
enactment of this Act and may insure not more than 150,000 mortgages 
under the program.
    (c) Consultation; Priority.--In carrying out the pilot program 
under this section, the Secretary shall consult with the Administrator 
of the Federal Emergency Management Agency and the Administrator of the 
National Oceanic and Atmospheric Administration to identify areas more 
likely to suffer hazards causing need for improvements financed under 
such program and may give priority in insuring mortgages under such 
program to eligible properties located in such areas.
    (d) Regulations.--The Secretary shall issue such regulations as may 
be necessary to carry out the pilot program under this section, 
including regulations to ensure the safety and habitability of spaces 
converted into dwelling units using mortgages insured under the 
program.
    (e) Report.--Upon the expiration of the 5-year period beginning on 
the date of the enactment of this Act, the Secretary shall submit a 
report to the Congress describing and assessing the pilot program under 
this section, identifying any successes of and problems with the 
program, identifying any current codes and regulations that prevent or 
inhibit conversion of basement space into dwelling units, and making 
recommendations regarding reauthorizing, reforming, or terminating the 
program.
    (f) Authorization of Appropriations.--There is authorized to be 
appropriated such sums as may be necessary to carry out the pilot 
program under this section.
                                 <all>
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