Habitable Housing Conversion Pilot Program Act of 2024

This bill creates a 5-year pilot program where the U.S. Department of Housing and Urban Development (HUD) will insure loans for homeowners who want to convert their basement spaces into safe, habitable rental units. The program, limited to 150,000 loans, requires all converted spaces to meet state and local building safety standards and comply with HUD regulations. It prioritizes properties in areas prone to natural hazards, as identified through consultation with FEMA and NOAA. The program aims to expand affordable rental housing options by making basement conversions financially feasible for homeowners.