The Innovation Fund Act would direct the Secretary of Housing and Urban Development to create competitive grants for local governments and Indian tribes that have increased their housing supply. Grants could support housing-related community projects, transportation projects, clean water or drinking water projects, and local efforts to expand attainable housing. The bill lists examples of such efforts, including allowing denser housing, changing zoning rules, and streamlining permits. The bill was introduced and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
Individuals could not apply directly under this program. Eligible local governments and tribes could apply for grants and use them for approved purposes. The bill does not allow the Secretary to require or override local zoning or land-use rules.
The bill authorizes $200 million for each fiscal year from 2027 through 2031, adjusted for inflation. It directs the Secretary to make at least 25 grants per year if available funding allows. Each grant must be between $250,000 and $10 million.
No publicly available information.
No publicly available information.