GREATER Revitalization of Shopping Centers Act of 2023

This bill creates a new federal grant program to fund the redevelopment of blighted shopping centers. It authorizes $50 million annually (2024-2025) for grants up to $5 million per project to public entities (like cities or counties) redeveloping enclosed shopping centers meeting specific criteria: at least 20 acres, significant vacancy (e.g., 40+ stores with <30% occupancy or 2+ large vacant anchor stores), and common parking. Projects must prioritize transit-oriented development, affordable housing, and removing outdated infrastructure, with applicants required to contribute over 50% of costs through local funds or tax incentives. The program includes reporting requirements for Congress and a GAO study on effectiveness.