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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7862 Introduced in House (IH)]

<DOC>

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.
                                 <all>
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