S-3067 : Still Just a Bill

---

The "Innovation Fund Act" (S. 3067) aims to increase the local housing supply by establishing a grant program. Here's a breakdown:

• Purpose: To award grants to eligible local entities (cities, counties, or Indian tribes) that have demonstrated an improvement in housing supply growth.
• Eligibility: Determined by the Secretary of Housing and Urban Development (HUD) based on a methodology published in the Federal Register for public comment.
• Use of Funds: Grant funds can be used for a variety of activities, including:
  • Community development projects (e.g., infrastructure, public services).
  • Local and Regional Project Assistance Programs.
  • Matching funds for clean water or drinking water programs.
  • Initiatives that expand the supply of attainable housing (housing affordable to households with moderate incomes).
• Application Process: Eligible entities must submit an application to HUD detailing how the grant will be used, data on increased housing supply, and how the grant addresses community needs and expands housing supply.
• Initiatives to Expand Housing Supply: Examples include:
  • Increasing by-right uses for various building types.
  • Revising or eliminating parking requirements.
  • Reforming zoning codes to allow for denser development.
  • Streamlining regulatory requirements.
  • Promoting accessory dwelling units.
• 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 that demonstrate innovative policies and significant improvement in housing supply growth.
• Limitations: The Act does not authorize HUD to mandate or preempt local zoning or land use policies.
• Funding: The Act authorizes $200,000,000 to be appropriated for each of fiscal years 2027 through 2031, adjusted for inflation.

---

An error occured and we cannot provide a prediction at this time. Either Congress API has not provided a text file or subject list for this bill, or the bill text is too large to make a prediction.