HR-5938 : Still Just a Bill

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The Innovation Fund Act (H.R. 5938) aims to increase the local housing supply by establishing a grant program. Key provisions include:

• Grant Program Establishment: The Secretary of Housing and Urban Development (HUD) will establish a competitive grant program for eligible entities (metropolitan cities, urban counties, local governments, or Indian tribes) that have demonstrated improvement in local housing supply growth.
• Eligibility: Eligible entities must demonstrate objective improvement in housing supply growth, as determined by the Secretary, with a methodology published for public comment.
• Use of Funds: Grant funds can be used for various activities, including those described in Section 105 of the Housing and Community Development Act of 1974, activities permitted under the Local and Regional Project Assistance Program, matching funds for state revolving clean water or drinking water programs, and initiatives to expand the supply of attainable housing.
• Application Process: Eligible entities must submit an application detailing the intended use of funds, data on increased housing supply, how the funds will address community needs or objectives in their comprehensive housing affordability strategy, and a description of initiatives to expand housing supply.
• Grant Awards: HUD will award at least 25 grants annually, considering geographical diversity and a mix of rural, suburban, and urban communities. Grants will range from $250,000 to $10,000,000. Priority will be given to entities demonstrating innovative policies and marked improvement in housing supply growth.
• Rules of Construction: The Act does not authorize the Secretary to mandate, supersede, or preempt local zoning or land use policy, and does not affect requirements of section 105(c)(1) of the Cranston-Gonzalez National Affordable Housing Act.
• Funding: The Act authorizes appropriations of $200,000,000 for each of fiscal years 2027 through 2031, adjusted for inflation.

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