What does Preamble of Habitable Housing Conversion Pilot Program Act of 2026 do?

This bill establishes a pilot program within the Department of Housing and Urban Development (HUD). The program will evaluate the effectiveness of insuring mortgages used to finance improvements. These improvements are intended to convert basement spaces into safely habitable dwelling units.

What does SHORT TITLE. of Habitable Housing Conversion Pilot Program Act of 2026 do?

This bill is formally titled Habitable Housing Conversion Pilot Program Act of 2026

What does PILOT PROGRAM FOR INSURANCE OF CONVERSION LOANS. of Habitable Housing Conversion Pilot Program Act of 2026 do?

This section establishes a pilot program to insure mortgages for basement conversions into rental units. The program allows the Secretary of Housing and Urban Development to insure up to 150,000 mortgages over a 5-year period. The program aims to finance improvements to basements of owner-occupied properties to meet safety and habitability standards. The Secretary must consult with FEMA and NOAA to identify areas prone to hazards requiring such improvements. The Secretary is required to issue regulations to ensure the safety and habitability of converted spaces. A report assessing the program's successes, problems, and regulatory barriers will be submitted to Congress after 5 years. The program authorizes appropriations for necessary expenses.

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Habitable Housing Conversion Pilot Program Act of 2026

Last updated: 5/15/2026 · Introduced: 5/15/2026

Author: Gregory Meeks (D-NY)

TL;DR (AI)

This bill creates a pilot program within HUD to insure mortgages for converting basements into habitable rental units.
The program will provide mortgage insurance for up to 150,000 basement conversions over five years, focusing on owner-occupied properties.
The Secretary of Housing and Urban Development must establish safety regulations and consult with FEMA and NOAA to identify areas needing hazard improvements.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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