Federal News
Senate Passes RESIDE Act for Housing Redevelopment
March 14, 2026
The United States Senate has passed Senator Jim Banks' RESIDE Act as part of the 21st Century ROAD to Housing Act, establishing a four-year pilot program to fund the redevelopment of abandoned or deteriorated properties into affordable housing. This program allocates up to $100 million annually nationwide through the HOME Investment Partnerships Program formula funds, with grants ranging from $1 million to $10 million available to eligible cities, counties, and states, including communities in Indiana such as Gary, Indianapolis, and Muncie.
- Why this matters: Procurement professionals and contractors in housing development and community revitalization should note the new funding streams and grant opportunities for affordable housing projects.
- Eligible local governments and states can apply for significant grants to support redevelopment efforts, creating demand for construction, renovation, and related professional services.
- Companies specializing in affordable housing construction, urban redevelopment, and community planning may find new business opportunities aligned with this pilot program.
- Organizations should prepare to engage with HOME program administrators and local governments in Indiana and nationwide to leverage these funds for housing projects.
Owning a home is such a big part of the American dream. 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.
— Senator Jim Banks (R-Ind.)
Agencies
United States Senate, Home Investment Partnerships Program, State of Indiana, City of Gary, City of Indianapolis
Locations
Sources
- Senator Banksβ RESIDE Act Passes in the United States Senate · Banks Senate · Mar 14