Bill > HR6737

This bill establishes the Emerging Developer Fund Program, which will be administered by the Department of Housing and Urban Development (HUD) to provide competitive grants to nonprofit housing organizations and community development financial institutions (CDFIs) to support emerging developers in creating affordable housing. The program aims to help developers with limited experience and resources by offering financial products like predevelopment loans, grants, and credit enhancements, as well as providing comprehensive training and technical assistance in areas such as budget development, financing strategies, business planning, and bid preparation. When awarding grants, HUD will prioritize organizations that support emerging developers with limited experience who want to develop affordable housing in distressed communities or high opportunity areas. The bill defines key terms like "emerging developer" as someone with limited real estate development experience and liquidity, and establishes that no organization can receive more than 15% of the total appropriated funds. The program will be funded with $50 million annually from fiscal years 2026 through 2030, and HUD will coordinate with the Treasury Department to align reporting requirements with existing community development financial institution programs. The ultimate goal is to build development capacity and support new developers in creating affordable housing projects across urban and rural communities.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6737/all-info