[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2915 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2915
To require the Secretary of Housing and Urban Development to establish
an emerging developer fund program to provide competitive grants to
nonprofit housing organizations and community development financial
institutions, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 19 (legislative day, September 16), 2025
Mr. Durbin introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To require the Secretary of Housing and Urban Development to establish
an emerging developer fund program to provide competitive grants to
nonprofit housing organizations and community development financial
institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Sparking Production of Urban and
Rural Housing Act'' or the ``SPUR Housing Act''.
SEC. 2. DEFINITIONS.
In this Act:
(1) Community development financial institution.--The term
``community development financial institution'' means an
institution that has been certified as a community development
financial institution (as defined in section 103 of the
Community Development Banking and Financial Institutions Act of
1994 (12 U.S.C. 4702)) by the Secretary of the Treasury.
(2) Distressed community.--The term ``distressed
community'' has the meaning given the term ``qualified census
tract'' in section 42(d)(5)(B)(ii) of the Internal Revenue Code
of 1986.
(3) High opportunity area.--The term ``high opportunity
area'' has the meaning given the term in section 1282.1 of
title 12, Code of Federal Regulations, or any successor
regulation.
(4) Emerging developer.--The term ``emerging developer''
means a developer that has--
(A) limited real estate development experience and
limited liquidity or net worth;
(B) any other qualifications as determined
appropriate by the Secretary.
(5) Institution of higher education; part b institution.--
The terms ``institution of higher education'' and ``part B
institution'' have the meanings given those terms in section
101 and 322, respectively, of the Higher Education Act of 1965
(20 U.S.C. 1001, 1061).
(6) Secretary.--The term ``Secretary'' means the Secretary
of Housing and Urban Development.
SEC. 3. EMERGING DEVELOPER FUND PROGRAM.
(a) In General.--Not later than 1 year after the date of enactment
of this Act, the Secretary shall establish an emerging developer fund
program to provide competitive grants to nonprofit housing
organizations and community development financial institutions.
(b) Use of Amounts.--Nonprofit housing organizations and community
development financial institutions that receive amounts under this
section shall use such amounts--
(1) to offer financing to emerging developers undertaking
affordable housing and community development projects,
including--
(A) predevelopment loans;
(B) loan loss reserves;
(C) grants;
(D) risk sharing; and
(E) credit enhancements, including interest rate
buy downs;
(2) to capitalize a fund to support affordable housing and
community development projects of emerging developers;
(3) to offer capacity-building training, and technical
assistance programs to emerging developers; and
(4) for other uses approved by the Secretary.
(c) Application.--Each nonprofit housing organization and community
development financial institution that applies for a grant under this
section shall submit an application to the Secretary at such time and
in such manner as the Secretary may reasonably require and shall--
(1) demonstrate plans for providing comprehensive training,
technical assistance, and financing to emerging developers; and
(2) include information about past work completed by the
organization or institution.
(d) Awarding of Grants.--The Secretary shall award grants under
this section based on the ability of an applicant to--
(1) identify and quantify the need for development capacity
building in the community of focus, including emerging
developers with an intent to pursue affordable housing and
community development projects, including in distressed
communities;
(2) provide comprehensive real estate development capacity
building and ongoing technical assistance, including by helping
emerging developers to--
(A) develop and manage a construction budget;
(B) determine financing needs;
(C) identify and secure sources of private and
public capital, including preparing applications for
tax credits under section 42 of the Internal Revenue
Code of 1986;
(D) structure capital stacks;
(E) understand loan terms;
(F) conduct business planning;
(G) conduct strategic planning;
(H) prepare bids;
(I) structure financial statements; and
(J) implement bonding strategies;
(3) provide affordable lending products for affordable
housing and community development projects, such as
predevelopment loans and other relevant products;
(4) offer mentoring and networking opportunities for
emerging developers;
(5) build partnerships with institutions of higher
education, including community colleges and part B
institutions, to provide real estate development course work
and other resources to current and aspiring real estate
developers;
(6) provide ongoing technical assistance after completion
of any curriculum offered at the institutions described in
paragraph (5); and
(7) track program outcomes, including the total number and
volume of loans originated, total development costs, geographic
areas served, and income streams created for the borrower.
(e) Priority.--When awarding grants under this section, the
Secretary shall prioritize organizations that--
(1) are providing lending or technical assistance to
emerging developers--
(A) with limited experience;
(B) who are undercapitalized; or
(C) who intend to focus on the development of
affordable housing and community development projects
in distressed communities and high opportunity areas;
and
(2) have a history of providing support to emerging
developers.
(f) Limitation.--No organization or institution may receive an
award amount under this section that is greater than 15 percent of the
amount appropriated pursuant to subsection (h).
(g) Coordination With Other Federal Agencies.--The Secretary shall
coordinate with the Secretary of the Treasury with respect to the
alignment of program under this section and reporting requirements
under this section with similar requirements of the Community
Development Financial Institutions Fund under the Community Development
Banking and Financial Institutions Act of 1994 (12 U.S.C. 4701 et
seq.).
(h) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $50,000,000 for each of fiscal
years 2026 through 2030.
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