Housing Construction Support: Tax Relief Grants to Increase Affordable Supply.
This Act establishes a federal grant program for developers aimed at lowering the cost of building new housing by covering certain state and local taxes and fees. To qualify for this support, local governments must commit to reducing property taxes for these specific housing projects by at least 50%. The goal is to rapidly increase the supply of housing, particularly affordable and workforce units, in high-cost areas.
Key points
Federal grants will be provided to developers (up to $150,000 annually for 5 years) to offset state and local taxes and impact fees associated with construction.
A mandatory condition for receiving the grant is that state and local governments must reduce property taxes on the new development by at least 50%.
Status:
Introduced
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