The Innovation Fund Act would direct the Department of Housing and Urban Development to create a competitive grant program for local governments and tribes that have shown growth in their local housing supply. Grants could support housing and community development, transportation projects, water infrastructure matching funds, and local efforts to expand attainable housing. The bill lists measures such as allowing more multifamily homes, changing parking or lot-size rules, and speeding up permits. It would not give the federal government authority to override local zoning or land-use rules.
The grants would go to eligible local governments or tribes, not directly to individuals. Local entities would need to apply, report housing supply data, and explain how their plans address community needs. The bill does not specify which communities would receive grants or how residents would be affected.
The bill would authorize $200 million per year for fiscal years 2027 through 2031, with inflation adjustments. Grants would range from $250,000 to $10 million. The authorization does not itself provide the funding.
No publicly available information.
No publicly available information.