To establish an Office of Housing Innovation in the Department of Housing and Urban Development to assist in exploring and developing new approaches for increasing and diversifying the supply of housing and for meeting the challenges of housing shortages, housing affordability, and traffic congestion, and for other purposes.
About This Bill
Committee
Latest Action · February 13, 2024
Referred to the House Committee on Financial Services.
The Housing Innovation Act establishes a new Office of Housing Innovation within the Department of Housing and Urban Development, led by an Assistant Secretary, to coordinate federal efforts and develop new strategies for increasing housing supply, improving affordability, and reducing traffic congestion. The bill authorizes three grant programs: up to $2 million per local government for planning efforts to increase housing supply and diversity, up to $500,000 per partnership for research and pilot projects studying innovative housing and commuting solutions, and up to $200,000 per academic partnership for educational programs on housing and community development. The office will coordinate with other federal agencies including Transportation, Environmental Protection Agency, and Department of Energy, and will include staff detailed from these agencies to bring expertise in transit, infrastructure financing, public health, and energy efficiency. The bill authorizes $100 million annually from fiscal year 2025 through 2031, with 90 percent directed to local planning grants and 5 percent each to research and education grants. Congress also directs the Government Accountability Office to review the grant programs' effectiveness within three years of the law's enactment.
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