GREATER Revitalization of Shopping Centers Act of 2023

Subjects: Housing and Community Development


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1533 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                S. 1533

To amend the Housing and Community Development Act of 1974 to authorize 
 grants to assist in redeveloping abandoned shopping centers, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 10, 2023

  Mr. Booker introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Housing and Community Development Act of 1974 to authorize 
 grants to assist in redeveloping abandoned shopping centers, 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 ``Grayfield Redevelopment and Economic 
Advancement Through Effective Repurposing and Revitalization of 
Shopping Centers Act of 2023'' or the ``GREATER Revitalization of 
Shopping Centers Act of 2023''.

SEC. 2. GRAYFIELDS SHOPPING CENTERS REDEVELOPMENT GRANTS.

    (a) Grants.--Section 108 of the Housing and Community Development 
Act of 1974 (42 U.S.C. 5308) is amended by adding at the end the 
following:
    ``(s) Shopping Center Redevelopment Grants.--
            ``(1) Authority.--In conjunction with notes or other 
        obligations issued by eligible public entities or designated 
        public agencies for the purpose of financing projects that meet 
        the criteria under paragraph (2) and that are guaranteed under 
        this section, the Secretary may make grants to those eligible 
        public entities or designated public agencies in connection 
        with those guarantees for the purpose of enhancing the security 
        of the notes or obligations or improving the viability of 
        projects financed with those notes or obligations.
            ``(2) Project requirements.--A project meets the criteria 
        under this paragraph only if the project--
                    ``(A) is designed to eliminate blight, including on 
                a spot basis, through redevelopment and revitalization 
                of facilities that--
                            ``(i) were originally developed as shopping 
                        centers,
                            ``(ii) consist of an enclosed facility 
                        covering not less than 20 acres,
                            ``(iii) contain--
                                    ``(I) not less than 40 individual 
                                storefronts of which less than 30 
                                percent are occupied at the time the 
                                grant is awarded, or
                                    ``(II) 2 or more vacant major 
                                department stores, grocery stores, or 
                                other large chain stores having 
                                substantial economic strength and 
                                occupying substantial square footage of 
                                the facility, and
                            ``(iv) include a common parking area;
                except that the Secretary may establish alternative 
                criteria to the requirements under this subparagraph 
                for eligibility of shopping centers for assistance as 
                the Secretary considers appropriate; and
                    ``(B) meets such requirements as the Secretary 
                shall establish to ensure that the project promotes--
                            ``(i) transit-oriented development;
                            ``(ii) reclaiming and re-use of grayfields;
                            ``(iii) development of affordable housing;
                            ``(iv) removal of existing grayfield 
                        infrastructure;
                            ``(v) such other priorities as the 
                        Secretary considers appropriate, including with 
                        respect to smaller jurisdictions and non-
                        metropolitan areas; or
                            ``(vi) any 2 or more of the priorities 
                        specified in or pursuant to this subparagraph.
            ``(3) Amount.--The amount of a grant pursuant to this 
        section may not exceed $5,000,000.
            ``(4) Matching requirement.--The Secretary shall require 
        each eligible public entity or designated public agency to 
        which a grant is made pursuant to this subsection to contribute 
        to the project for which the grant is made an amount from 
        sources other than the grant, including local and State tax 
        abatements, in-kind contributions, and Federal tax incentives, 
        that exceeds 50 percent of the amount of the grant.
            ``(5) Preference.--In making grants pursuant to this 
        section, the Secretary shall give preference to eligible public 
        entities and designated public agencies based on the extent to 
        which--
                    ``(A) the amount proposed to be contributed 
                pursuant to paragraph (4) exceeds the minimum amount 
                required by such paragraph to be contributed;
                    ``(B) the project reflects the results of extensive 
                community engagement; and
                    ``(C) the project would benefit lower-income, 
                underserved communities.
            ``(6) Technical assistance.--
                    ``(A) HUD.--The Secretary shall, in accordance with 
                section 102 of the Department of Housing and Urban 
                Development Reform Act of 1989 (42 U.S.C. 3545), 
                provide technical guidance and assistance to applicants 
                for grants under this subsection regarding--
                            ``(i) how to apply for grants under this 
                        subsection; and
                            ``(ii) how to avoid conflicts relating to 
                        using funding pursuant to this section in 
                        conjunction with Federal tax-exempt financing.
                    ``(B) Local.--An eligible public entity or 
                designated public agency receiving a grant under this 
                subsection may use not more than 25 percent of the 
                grant amounts to obtain technical assistance from local 
                qualified service providers regarding combining that 
                assistance with other financing with--
                            ``(i) other Federal assistance, including 
                        the New Markets Tax Credits program and Low-
                        Income Housing Tax Credit program under 
                        sections 45D and 42, respectively, of the 
                        Internal Revenue Code of 1986; and
                            ``(ii) other State assistance, tax credits, 
                        and incentives, including tax-increment 
                        financing and other bonding instruments.
            ``(7) Reports.--
                    ``(A) HUD.--For each fiscal year for which grants 
                are made under this subsection, the Secretary shall 
                submit a report to the Congress, not later than 90 days 
                after the end of such fiscal year, that identifies--
                            ``(i) each project assisted with such grant 
                        amounts;
                            ``(ii) the amount of non-Federal funds 
                        contributed to the project; and
                            ``(iii) how the grant amounts were used.
                    ``(B) GAO.--Not later than 2 years after the date 
                of enactment of this subsection, the Comptroller 
                General of the United States shall submit a report to 
                the Congress analyzing the effectiveness of the program 
                for grants under this section and making 
                recommendations to improve future outcomes among 
                shopping mall redevelopment and revitalization projects 
                and similar subsidy programs administered in 
                conjunction with Federal loan guarantees.
            ``(8) Definitions.--In this subsection:
                    ``(A) Transit-oriented development.--The term 
                `transit-oriented development' means a project that--
                            ``(i) enhances economic development and 
                        achieve other goals established during the 
                        project development and engineering processes;
                            ``(ii) facilitates multimodal 
                        transportation connectivity and accessibility;
                            ``(iii) increases access to transit hubs 
                        for pedestrian and bicycle traffic;
                            ``(iv) enables mixed-use development;
                            ``(v) identifies infrastructure needs 
                        associated with the project; and
                            ``(vi) includes private sector 
                        participation.
                    ``(B) Grayfield.--The term `grayfield' means an 
                economically obsolescent, outdated, failing, moribund, 
                or underused real estate asset.
            ``(9) Funding.--There is authorized to be appropriated for 
        grants under this subsection $50,000,000 for each of fiscal 
        years 2024 and 2025, which amounts shall remain available until 
        expended.''.
    (b) CDBG Loan Guarantee Cap.--Subject to section 502 of the 
Congressional Budget Act of 1974 (2 U.S.C. 661a), during each of fiscal 
years 2024 and 2025, commitments to guarantee loans under section 108 
of the Housing and Community Development Act of 1974 (42 U.S.C. 5308), 
any part of which is guaranteed, shall not exceed a total principal 
amount of $500,000,000, notwithstanding any aggregate limitation on 
outstanding obligations guaranteed in subsection (k) of such section 
108.
                                 &lt;all&gt;
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