Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Build Now Act adjusts federal community development block grant funding to cities and counties based on their housing growth performance. Cities and counties that improve their housing unit growth rates—or that already have extremely high growth (4% annually or more)—will receive bonus funding, while those with below-median growth improvements face a 10 percent reduction in their allocations. The bill excludes jurisdictions facing housing affordability crises, high vacancy rates, recent disasters, or lacking zoning authority. The Department of Housing and Urban Development will calculate housing growth rates using Census Bureau data, publish annual reports on which communities qualify for bonuses or reductions, and notify recipients of their eligibility within 60 days of enactment. The funding adjustments take effect in the third full fiscal year after passage and continue through fiscal year 2043, creating a long-term incentive for communities to remove regulatory barriers and increase housing supply.
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