Innovation Fund Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Innovation Fund Act establishes a grant program to help cities and local governments increase the supply of affordable housing. The program, administered by the Department of Housing and Urban Development, will provide funding to eligible entities that have demonstrated improvements in their local housing supply. Grants can be used for a variety of activities aimed at expanding housing options and affordability, including zoning reforms and streamlining development processes.
Key provisions
- Establishes a grant program for local governments and tribes to increase housing supply.
- Defines ‘attainable housing’ based on household income levels.
- Eligible entities must demonstrate an improvement in housing supply growth.
- Grants can be used for zoning reforms, streamlining regulations, and other initiatives to reduce housing costs.
- Grants are capped at $10 million and can be as low as $250,000.
- Priority is given to entities using innovative policies and demonstrating marked improvement in housing supply.
- The program will award at least 25 grants annually.
- Funding is authorized at $200 million per year from 2027-2031, adjusted for inflation.
Who is affected
- Local governments
- Urban counties
- Indian tribes
- Housing developers
- Homeowners
Notable changes
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