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119-hr-6737119th CongressWALLET

SPUR Housing Act

Sponsored By: Representative Cleaver, Emanuel [D-MO-5]

Introduced

Summary

Emerging Developer Fund Program would create a new HUD grant program to help nonprofit housing groups and community development financial institutions finance and train small, undercapitalized developers to build affordable housing. The program targets capacity building, lending products, and partnerships with colleges to expand developer skills and project financing.

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  • Emerging developers: Would get more access to financing and hands-on training for things like predevelopment loans, loan loss reserves, credit enhancements, budgeting, and bonding strategies.
  • Nonprofit housing organizations and CDFIs: Could win competitive grants to provide capital, technical assistance, and mentoring to new developers. Grants would be awarded based on demonstrated plans and past performance.
  • Distressed and high opportunity communities: The bill gives award priority to efforts that serve underinvested neighborhoods and high opportunity areas to spur affordable housing there.
  • Higher education partners: Encourages partnerships with community colleges and other institutions to offer real estate coursework and ongoing technical assistance to emerging developers.

*This bill would authorize $50 million to be appropriated each year for fiscal years 2026 through 2030 ($250 million total).*

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Grants for emerging housing developers

This bill would require HUD to set up an Emerging Developer Fund within one year. It would authorize $50,000,000 for each fiscal year 2026 through 2030. HUD would award competitive grants to nonprofit housing groups and certified CDFIs. Grant money could fund loans, loan loss reserves, grants, risk sharing, and credit enhancements like interest rate buy-downs. Grants could also capitalize funds and pay for training and ongoing technical help for emerging developers. HUD would prioritize undercapitalized or limited-experience developers and projects in distressed communities and high opportunity areas. No single grantee could receive more than 15 percent of a year’s appropriation. Grantees would be required to track outcomes and coordinate reporting with the Treasury CDFI Fund.

Who counts as an emerging developer

This bill would define key terms used by the HUD program. It would say an "emerging developer" has limited development experience and limited liquidity, and HUD could add more qualifications. It would define a CDFI as an institution certified by the Treasury. It would use the tax code’s "qualified census tract" rule to mean "distressed community." It would use 12 CFR 1282.1 to mean "high opportunity area." It would define "institution of higher education" by the Higher Education Act. It would say "Secretary" means the HUD Secretary.

Sponsors & CoSponsors

Sponsor

Cleaver, Emanuel [D-MO-5]

MO • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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