Grayfield Redevelopment and Economic Advancement Through Effective Repurposing and Revitalization of Shopping Centers Act of 2021 or the GREATER Revitalization of Shopping Centers Act of 2021
This bill allows the Department of Housing and Urban Development (HUD) to make matching grants for projects financed under the Section 108 Loan Guarantee Program in an effort to eliminate blight associated with abandoned shopping centers.
The Section 108 Loan Guarantee Program allows HUD to provide loan guarantees to participating Community Development Block Grant recipients. These loan guarantees assist those recipients in financing economic and community development projects.
The bill requires the Government Accountability Office to report on the effectiveness of the program and to recommend improvements.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5041 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 5041
To amend the Housing and Community Development Act of 1974 to authorize
grants to assist in redeveloping abandoned shopping centers, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 17, 2021
Ms. Bourdeaux (for herself and Mr. Cleaver) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Housing and Community Development Act of 1974 to authorize
grants to assist in redeveloping abandoned shopping centers, 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 ``Grayfield Redevelopment and Economic
Advancement Through Effective Repurposing and Revitalization of
Shopping Centers Act of 2021'' or the ``GREATER Revitalization of
Shopping Centers Act of 2021''.
SEC. 2. GRAYFIELDS SHOPPING CENTERS REDEVELOPMENT GRANTS.
(a) Grants.--Section 108 of the Housing and Community Development
Act of 1974 (42 U.S.C. 5308) is amended by adding at the end the
following new subsection:
``(s) Shopping Center Redevelopment Grants.--
``(1) Authority.--In conjunction with notes or other
obligations issued by eligible public entities or designated
public agencies for the purpose of financing projects that meet
the criteria under paragraph (2) and that are guaranteed under
this section, the Secretary may make grants to such eligible
public entities or designated public agencies in connection
with such guarantees for the purpose of enhancing the security
of the notes or obligations or improving the viability of
projects financed with such notes or obligations.
``(2) Project requirements.--A project meets the criteria
under this paragraph only if the project--
``(A) is designed to eliminate blight, including on
a spot basis, through redevelopment and revitalization
of facilities that--
``(i) were originally developed as shopping
centers,
``(ii) consist of an enclosed facility
covering not less than 30 acres,
``(iii) contain--
``(I) not less than 40 individual
storefronts of which less than 30
percent are occupied at the time the
grant is awarded, or
``(II) 2 or more vacant major
department stores, grocery stores, or
other large chain stores having
substantial economic strength and
occupying substantial square footage of
the facility, and
``(iv) include a common parking area;
except that the Secretary may establish alternative
criteria to the requirements under this subparagraph
for eligibility of shopping centers for assistance as
the Secretary considers appropriate; and
``(B) meets such requirements as the Secretary
shall establish to ensure that the project promotes--
``(i) transit-oriented development;
``(ii) reclaiming and re-use of grayfields;
``(iii) development of affordable housing;
``(iv) removal of existing grayfield
infrastructure;
``(v) such other priorities as the
Secretary considers appropriate, including with
respect to smaller jurisdictions and non-
metropolitan areas; or
``(vi) any two or more of the priorities
specified in or pursuant to this subparagraph.
``(3) Amount.--The amount of a grant pursuant to this
section may not exceed $5,000,000.
``(4) Matching requirement.--The Secretary shall require
each eligible public entity or designated public agency to
which a grant is made pursuant to this subsection to contribute
to the project for which the grant is made an amount from
sources other than such grant, including local and State tax
abatements, in-kind contributions, and Federal tax incentives,
that exceeds 50 percent of the amount of such grant.
``(5) Preference.--In making grants pursuant to this
section, the Secretary shall give preference to eligible public
entities and designated public agencies based on the extent to
which--
``(A) the amount proposed to be contributed
pursuant to paragraph (4) exceeds the minimum amount
required by such paragraph to be contributed;
``(B) the project reflects the results of extensive
community engagement; and
``(C) the project would benefit lower-income,
underserved communities.
``(6) Technical assistance.--
``(A) HUD.--The Secretary shall, in accordance with
section 102 of the Department of Housing and Urban
Development Reform Act of 1989 (42 U.S.C. 3545),
provide technical guidance and assistance to applicants
for grants under this subsection regarding--
``(i) how to apply for grants under this
subsection; and
``(ii) how to avoid conflicts relating to
using funding pursuant to this section in
conjunction with Federal tax-exempt financing.
``(B) Local.--An eligible public entity or
designated public agency receiving a grant under this
subsection may use not more than 25 percent of such
grant amounts to obtain technical assistance from local
qualified service providers regarding combining such
assistance with other financing with--
``(i) other Federal assistance, including
the New Markets Tax Credits program and Low-
Income Housing Tax Credit program; and
``(ii) other State assistance, tax credits,
and incentives, including tax-increment
financing and other bonding instruments.
``(7) Reports.--
``(A) HUD.--For each fiscal year for which grants
are made under this subsection, the Secretary shall
submit a report to the Congress, not later than 90 days
after the end of such fiscal year, that identifies--
``(i) each project assisted with such grant
amounts;
``(ii) the amount of non-Federal funds
contributed to the project; and
``(iii) how the grant amounts were used.
``(B) GAO.--Not later than 2 years after the date
of the enactment of this subsection, the Comptroller
General shall submit a report to the Congress analyzing
the effectiveness of the program for grants under this
section and making recommendations to improve future
outcomes among shopping mall redevelopment and
revitalization projects and similar subsidy programs
administered in conjunction with Federal loan
guarantees.
``(8) Definitions.--For purposes of this subsection, the
following definitions shall apply:
``(A) Transit-oriented development.--The term
`transit-oriented development' means a project that--
``(i) enhances economic development and
achieve other goals established during the
project development and engineering processes;
``(ii) facilitates multimodal
transportation connectivity and accessibility;
``(iii) increases access to transit hubs
for pedestrian and bicycle traffic;
``(iv) enables mixed-use development;
``(v) identifies infrastructure needs
associated with the project; and
``(vi) includes private sector
participation.
``(B) Grayfield.--The term `grayfield' means an
economically obsolescent, outdated, failing, moribund,
or underused real estate asset.
``(9) Funding.--There is authorized to be appropriated for
grants under this subsection $50,000,000 for each of fiscal
years 2022 and 2023, which amounts shall remain available until
expended.''.
(b) CDBG Loan Guarantee Cap.--Subject to section 502 of the
Congressional Budget Act of 1974 (2 U.S.C. 661a), during each of fiscal
years 2022 and 2023, commitments to guarantee loans under section 108
of the Housing and Community Development Act of 1974 (42 U.S.C. 5308),
any part of which is guaranteed, shall not exceed a total principal
amount of $500,000,000, notwithstanding any aggregate limitation on
outstanding obligations guaranteed in subsection (k) of such section
108.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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