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.
Sponsored by Meeks, Gregory W. (Democrat-NY-5) · House · Introduced May 15, 2026
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Plain-English Summary (AI-assisted)
This bill would create a pilot program allowing the Department of Housing and Urban Development (HUD) to insure mortgages for homeowners who want to convert basements into safe, livable apartments or dwelling units. The program would test whether this approach helps increase affordable housing supply while ensuring safety standards are met.
Legislative Status Timeline
Introduced
May 15, 2026
In Committee
May 15, 2026
Passed House
Pending
Passed Senate
Pending
Presidential Action
Pending
Sponsor
Meeks, Gregory W.
Independent · NY-5
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