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Habitable Housing Conversion Pilot Program Act of 2026
To 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.
Summary
- Establishes a 5-year pilot program for the Secretary of Housing and Urban Development to insure mortgages for converting basement spaces into rental dwelling units.
- Limits the program to insuring no more than 150,000 mortgages during the 5-year period.
- Requires converted basement spaces to meet all state and local building and safety standards and comply with federal regulations.
- Directs HUD to consult with the Federal Emergency Management Agency and National Oceanic and Atmospheric Administration to identify hazard-prone areas and may prioritize mortgage insurance for eligible properties in those areas.
- Requires HUD to issue regulations ensuring the safety and habitability of basement spaces converted into dwelling units.
- Requires HUD to submit a report to Congress after 5 years assessing the program's effectiveness, identifying problems and regulatory barriers, and recommending whether to continue, reform, or terminate the program.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
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![Rep. Meeks, Gregory W. [D-NY-5]](https://media.civicgate.org/people/d/politicians/M001137.thumb.jpg)
Rep. Meeks, Gregory W. (D-NY) [#5]
1 cosponsor
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![Rep. Velázquez, Nydia M. [D-NY-7]](https://media.civicgate.org/people/d/politicians/V000081.thumb.jpg)
Rep. Velázquez, Nydia M. (D-NY) [#7]
Money behind the sponsor
Top reported contributors to Gregory W. Meeks’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- METLIFE $41,050
- ANDREESSEN HOROWITZ $19,800
- APOLLO GLOBAL MANAGEMENT $14,100
- GENERAL ATOMICS AERONAUTICAL SYSTEMS, $12,900
- THEGROUP $11,900
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Gregory W. Meeks → · Outside spending →
Actions (2)
- May 15, 2026 Referred to the House Committee on Financial Services. · house
- May 15, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
May 15, 2026
Mr. Meeks (for himself and Ms. Velazquez) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Habitable Housing Conversion Pilot Program Act of 2026”.
SEC. 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. <all>
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