SPUR Housing Act

The Sparking Production of Urban and Rural Housing (SPUR Housing) Act mandates the Secretary of Housing and Urban Development to establish an emerging developer fund program. This program will provide competitive grants to eligible nonprofit housing organizations and community development financial institutions . These organizations will then use the funds to offer crucial financing, such as predevelopment loans, loan loss reserves, and credit enhancements, to emerging developers undertaking affordable housing and community development projects. They will also capitalize funds and provide capacity-building training and technical assistance to these developers. Grant awards will prioritize organizations that support emerging developers with limited experience or capital, especially those focusing on projects in distressed communities and high opportunity areas . The program aims to enhance developers' skills in areas like budgeting, financing, securing capital, and business planning. The bill authorizes an appropriation of $50,000,000 for each fiscal year from 2026 through 2030 to support these initiatives.