Grayfield Redevelopment Bill Introduced in House and Senate

This week Senator Cory Booker (D-NJ) and Representatives Emanuel Cleaver (D-MO-5) and Maria Elvira Salazar (R-FL-27) introduced the Grayfield Redevelopment and Economic Advancement Through Effective Repurposing (GREATER) and Revitalization of Shopping Centers Act of 2023 in the House and Senate.

The ICSC-supported legislation would create a grant program at the Department of Housing and Urban Development (HUD) specifically for the redevelopment of underutilized shopping malls. The program would receive $50 million in annual funding, with up to $5 million available to qualifying properties.

In order to be eligible to receive money from the program, properties must be at least 20 enclosed acres in size and have either two vacant anchor stores or be less than 30% occupied.

“ICSC supports efforts across the country to create places and spaces where people shop, dine, live, work, play and gather,” ICSC President & CEO Tom McGee said. “We believe that strengthening public-private-partnerships can expedite and ease the redevelopment process, and the GREATER Revitalization of Shopping Centers Act of 2023 would help facilitate exactly that type of partnership. Effective adaptive reuse creates good paying trade jobs, helps stabilize and increase the sales and ad valorem tax base for communities across the country, and provides opportunities to alleviate our nation’s housing shortage.”

For more information, contact Moutray McLaren at mmclaren@icsc.com.