GREATER Revitalization of Shopping Centers Act of 2021
Bill: H.R.5041 | Sponsor: Rep. Bourdeaux, Carolyn (D-GA)
Policy area: Housing and Community Development

Summary:
Grayfield Redevelopment and Economic Advancement Through Effective Repurposing and Revitalization of Shopping Centers Act of 2021 or the GREATER Revitalization of Shopping Centers Act of 2021
This bill allows the Department of Housing and Urban Development (HUD) to make matching grants for projects financed under the Section 108 Loan Guarantee Program in an effort to eliminate blight associated with abandoned shopping centers.
The Section 108 Loan Guarantee Program allows HUD to provide loan guarantees to participating Community Development Block Grant recipients. These loan guarantees assist those recipients in financing economic and community development projects.
The bill requires the Government Accountability Office to report on the effectiveness of the program and to recommend improvements.

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 2021'' or the ``GREATER Revitalization of 
Shopping Centers Act of 2021''.

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 new subsection:
    ``(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 such eligible 
        public entities or designated public agencies in connection 
        with such guarantees for the purpose of enhancing the security 
        of the notes or obligations or improving the viability of 
        projects financed with such 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 30 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 two 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 such grant, including local and State tax 
        abatements, in-kind contributions, and Federal tax incentives, 
        that exceeds 50 percent of the amount of such 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 such 
                grant amounts to obtain technical assistance from local 
                qualified service providers regarding combining such 
                assistance with other financing with--
                            ``(i) other Federal assistance, including 
                        the New Markets Tax Credits program and Low-
                        Income Housing Tax Credit program; 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 the enactment of this subsection, the Comptroller 
                General 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.--For purposes of this subsection, the 
        following definitions shall apply:
                    ``(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 2022 and 2023, 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 2022 and 2023, 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.
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