Bill > S2915

This bill establishes the Emerging Developer Fund Program, which requires the Secretary of Housing and Urban Development (HUD) to create a competitive grant program for nonprofit housing organizations and community development financial institutions. The program aims to support emerging developers—those with limited real estate development experience and financial resources—by providing funding and assistance for affordable housing and community development projects. Grantees will use the funds to offer predevelopment loans, grants, risk-sharing mechanisms, technical assistance, and capacity-building training to emerging developers, with a particular focus on those working in distressed communities and high-opportunity areas. Applicants will be evaluated based on their ability to identify development needs, provide comprehensive real estate development support, offer affordable lending products, create mentoring opportunities, and build partnerships with educational institutions. The bill prioritizes organizations that support less experienced and undercapitalized developers seeking to create affordable housing. The program is authorized to receive $50 million annually from fiscal years 2026 through 2030, with no single organization able to receive more than 15 percent of the total appropriated funds. The Secretary of HUD will also coordinate with the Treasury Department to align the program with existing community development financial institution requirements.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2915/all-info