Section 1 Short title
This Act may be cited as the “Vacancy to Value Act of 2026”.
Vacancy to Value Act of 2026
A BILL
To authorize the Administrator of the General Services Administration, in coordination with the Secretary of Housing and Urban Development, to establish a pilot program and a grant program administered by the Department of Housing and Urban Development to facilitate the sale or transfer of underutilized Federal property to eligible entities for economic redevelopment, and for other purposes.
Sec. 2 Pilot program for redevelopment of underutilized Federal property
In general— The Administrator of the General Services Administration shall establish and implement a pilot program to facilitate the sale or transfer of underutilized Federal properties to entities and individuals for an eligible purpose described in subsection (b) on a pilot basis.
Eligible purpose— An eligible purpose for a property sold or transferred under this section shall only be for redevelopment or economic development purposes that benefit the surrounding community, including affordable housing, job creation, economic growth, and community facilities such as clinics, childcare centers, and schools.
Amount of sale— A sale or transfer under this section may be for an amount that is less than fair market value of the property being sold or transferred.
Development requirement— An entity acquiring property under this section shall submit a redevelopment plan including the specified use under subsection (b) and begin redevelopment not later than 5 years after acquisition.
Recapture— If an entity fails to meet the requirements under subsection (d), the Administrator may require the return of the property or impose other appropriate remedies.
Priority consideration— In carrying out the pilot program under this section, the Administrator shall give priority consideration to community-based nonprofit organizations and public entities.
Termination— The pilot program established under subsection (a) shall terminate on the date that is 5 years after the date of enactment of this Act.
Definition of underutilized Federal property— In this section, the term “underutilized Federal property” means any real property owned or controlled by the Federal Government that—
is not fully occupied or utilized for the purposes of the Federal agency with jurisdiction over the property; or
has been determined by the Administrator to be excess to the needs of the Federal Government, including property that is vacant, obsolete, or economically inefficient to maintain.
Sec. 3 Study and report
Study— The Administrator of the General Services Administration shall conduct a study on the outcomes of the program under section 2.
Report— Not later than 12 months after the termination of the pilot program under section 2(g), the Administrator shall submit to Congress a report on the program containing the results of the study under subsection (a).
Sec. 4 Federal redevelopment grant program
Establishment— The Secretary of Housing and Urban Development shall establish a Federal Redevelopment Grant Program to provide competitive grants to eligible entities acquiring property under section 2 for redevelopment and community revitalization purposes.
Eligible entities— Entities eligible to receive grants under this section shall include—
units of State or local government;
Tribal governments;
public housing agencies;
community land trusts;
community development corporations;
nonprofit organizations; and
partnerships between public entities and nonprofit organizations.
Eligible uses— Grant funds awarded under this section may be used for—
predevelopment and planning activities;
environmental remediation and site preparation;
demolition, rehabilitation, or construction costs;
infrastructure improvements;
development of affordable housing;
development of community facilities, including health clinics, childcare centers, schools, workforce development centers, and community centers; and
other activities determined appropriate by the Administrator to carry out the purposes of this Act.
Priority— In awarding grants under this section, the Secretary shall prioritize projects that—
create or preserve permanently affordable housing;
benefit low-income or historically underserved communities; and
are proposed by community-based nonprofit organizations or public entities;
Community benefit requirement— As a condition of receiving grant funds under this section, an eligible entity shall demonstrate that the proposed redevelopment project will provide a substantial public benefit to the surrounding community.
Reporting— Recipients of grants under this section shall submit annual reports to the Secretary describing the use of funds, redevelopment progress, community impact, and compliance with the requirements of this Act.
Authorization of appropriations— There are authorized to be appropriated such sums as may be necessary to carry out this section.