Government Agencies Affordable Housing Conversion Act of 2024

HR 7862 directs federal agencies to annually report on converting unused government-owned buildings into affordable housing. It establishes two grant programs: a $1.75 million annual grant for exploring office-to-residential conversions, and a $250 million annual program for states and local governments to convert underutilized public buildings into rental housing. The state/local program requires converted housing to maintain affordability for 30 years, with at least 20% of units reserved for households earning ≤50% of local median income, or 40% for households ≤60% of median income. This bill directly affects federal agencies (through reporting) and state/local governments (through grant funding), focusing on repurposing vacant public property to expand affordable housing options.