Innovation Fund Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Innovation Fund Act establishes a grant program to help local governments and tribal nations increase the supply of housing, particularly attainable housing. The program aims to support communities that have demonstrated improvements in housing supply growth. Eligible entities can use grant funds for various activities, including zoning reforms, streamlining regulations, and promoting denser development, with a focus on serving households at different income levels. The program will award grants annually, prioritizing innovative approaches and significant improvements in housing supply.
Key provisions
- Establishes a grant program for local governments and tribal nations 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, regulatory streamlining, 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
Bill text
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