The Build Now Act creates a new funding formula for community development block grants that rewards cities and counties for increasing their housing supply. Starting in the second full fiscal year after enactment and continuing through 2042, the Department of Housing and Urban Development will adjust grant allocations based on how much each jurisdiction improves its annual housing growth rate compared to its previous growth rate. Cities and counties that meet or exceed the median housing growth improvement rate, or that are experiencing extremely rapid growth of 4 percent or more annually, will receive bonus funding, while those with below-median improvement rates will face a 10 percent reduction in their baseline allocation. The bill excludes certain jurisdictions from these adjustments, such as those with low housing costs, high rental vacancy rates, areas recovering from disasters, or places lacking zoning authority. HUD must notify eligible recipients of their housing growth rates within 60 days and publish an annual report detailing which communities received bonuses and which faced cuts.
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