118 HR 10294 IH: Habitable Housing Conversion Pilot Program Act of 2024 U.S. House of Representatives 2024-12-04 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 10294IN THE HOUSE OF REPRESENTATIVESDecember 4, 2024Mr. Meeks (for himself and Ms. Velázquez) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo 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.

1.

Short title

This Act may be cited as the Habitable Housing Conversion Pilot Program Act of 2024.

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.