Habitable Housing Conversion Pilot Program Act of 2026

Sponsor: Gregory W. Meeks (Democratic-NY)May 15, 2026

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Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

Referred to the House Committee on Financial Services.

Homeowners could get federal help to turn basements into safe rental units.

A new federal pilot program would help homeowners get loans to convert their basements into safe rental apartments. The program aims to evaluate if this could create more housing options for renters and help property owners earn extra income. It would last five years and cover up to 150,000 mortgages.

What Would Change

Currently, there is no specific federal pilot program to help homeowners get loans to convert their basements into safe, rentable dwelling units. If this bill becomes law, the Department of Housing and Urban Development would start a five-year pilot program. This program would insure up to 150,000 mortgages specifically for these basement conversions, making it easier for homeowners to finance these projects.

Key Provisions

Lets homeowners get federally insured mortgages to convert basements into safe rental units.
Creates a five-year pilot program to insure up to 150,000 such mortgages.
Requires the Department of Housing and Urban Development (HUD) to consult with the Federal Emergency Management Agency (FEMA) and the National Oceanic and Atmospheric Administration (NOAA) to identify hazard-prone areas, and HUD may give priority to mortgages in those areas.
Gives HUD the power to create new rules to ensure converted basements are safe and livable.
Authorizes the appropriation of funds to pay for the program.

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HR 8854 · 119th Congress · May 15, 2026 · AI Summary by gemini-2.5-flash · 10/10

Habitable Housing Conversion Pilot Program Act of 2026

What Would Change

Key Provisions

Lobbying Activity