Why Does the IRS Need Guns Act

IntroducedApril 14, 2025

Introduced1 year ago

Intro

House

Senate

Pres

Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provis

Housing and Community Development

Why This Matters

This bill directs the Department of Housing and Urban Development (HUD) to set up a fund giving competitive grants to nonprofit housing groups and community development financial institutions (CDFIs). The grants will help new developers with limited experience to finance and build affordable housing.

Who this affects

Nonprofit housing organizations · CDFIs · Emerging developers · Communities in need

What changes is this bill making?

1Requires HUD to launch an Emerging Developer Fund Program within one year of enactment
2Provides competitive grants to nonprofit housing organizations and CDFIs to support emerging developers
3Allows grant funds to be used for predevelopment loans, loan loss reserves, grants, risk sharing, and credit enhancements such as interest rate reductions
4Supports capacity-building training and technical assistance for developers
5Sets application requirements including plans for training, technical help, and past project experience
6Awards grants based on demonstrated community need, quality of training programs, affordable lending products, mentoring, higher education partnerships, and outcome tracking
7Gives priority to applicants assisting undercapitalized developers focusing on affordable projects in distressed communities or high opportunity areas
8Authorizes $50 million per year from 2026 through 2030 and limits any one recipient to 15 percent of annual funding

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Last changed 2 months ago · checked hourly

Why Does the IRS Need Guns Act

IntroducedApril 14, 2025

Introduced1 year ago

Intro

House

Senate

Pres

Housing and Community Development

Why This Matters

Who this affects

Nonprofit housing organizations · CDFIs · Emerging developers · Communities in need

What changes is this bill making?

1Requires HUD to launch an Emerging Developer Fund Program within one year of enactment
2Provides competitive grants to nonprofit housing organizations and CDFIs to support emerging developers
3Allows grant funds to be used for predevelopment loans, loan loss reserves, grants, risk sharing, and credit enhancements such as interest rate reductions
4Supports capacity-building training and technical assistance for developers
5Sets application requirements including plans for training, technical help, and past project experience
6Awards grants based on demonstrated community need, quality of training programs, affordable lending products, mentoring, higher education partnerships, and outcome tracking
7Gives priority to applicants assisting undercapitalized developers focusing on affordable projects in distressed communities or high opportunity areas
8Authorizes $50 million per year from 2026 through 2030 and limits any one recipient to 15 percent of annual funding

Read full document

Last changed 2 months ago · checked hourly