Bill > S2441

This bill, known as the "Build Now Act of 2025," introduces a new mechanism for adjusting Community Development Block Grant (CDBG) allocations based on housing growth rates for metropolitan cities and urban counties. The bill defines several key terms, including "housing growth improvement rate," which compares a jurisdiction's current annual housing unit growth to its previous growth rate. Under the proposed legislation, eligible recipients with housing growth improvement rates at or above the median will receive a bonus allocation, while those with rates below the median will have their allocations reduced by 10%. The bill provides specific criteria for determining eligibility, such as excluding jurisdictions with low housing market values, high vacancy rates, or those that have recently experienced natural disasters. The Secretary of Housing and Urban Development (HUD) will calculate housing unit growth using Census Bureau address data and must publish an annual report detailing the housing growth improvement rates. The provisions will be implemented starting in the second full fiscal year after enactment and will remain in effect through fiscal year 2042. Additionally, HUD must notify eligible recipients of their housing growth improvement rates and provide guidance on reducing regulatory barriers to housing development.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2441/all-info