Bill > HR7243

This bill, known as the SPUR Housing Act, mandates that the Secretary of Housing and Urban Development establish a grant program within 90 days of enactment to provide financial assistance to developers. These grants are intended to help offset the costs associated with building housing developments, specifically covering state and local taxes and "impact fees," which are charges imposed by local governments to fund public infrastructure and services necessitated by new housing. To be eligible, developers must secure all necessary approvals and commitments from state and local governments to reduce property taxes on the new developments by at least 50 percent. The Secretary will prioritize grants for projects that increase affordable housing, are feasible, can begin construction within a year, are located in priority housing areas identified using data from the Bureau of the Census, offer affordable or mixed-income units, are transit-oriented or near employment hubs, utilize infill sites, target workforce housing, include senior-friendly and accessible units, involve adaptive reuse or rehabilitation, and provide supportive housing for vulnerable populations. The grant amount will be the lesser of 50 percent of the total taxes and impact fees or $150,000 annually for five years, provided the developer maintains the required local government commitments. The bill authorizes $300 million annually for this program from fiscal years 2027 through 2031.

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https://www.congress.gov/bill/119th-congress/house-bill/7243/all-info