H.R. 6363: Build Now Act of 2025

The Build Now Act of 2025 aims to modify the allocation of community development block grants based on the housing growth rates in different metropolitan cities and urban counties. Here are the main components of the bill:

Definitions

• Covered Recipient: A metropolitan area or urban county receiving funds under section 106 of the Housing and Community Development Act.
• Eligible Recipient: A covered recipient that meets specific conditions such as not having high average rent or home values compared to the average in the U.S., and not being affected by major disasters.
• Extremely High-Growth Recipient: An eligible recipient with a housing growth rate of at least 4%.
• Housing Growth Improvement Rate: A measure comparing current housing growth rates to those from previous years.

Grant Allocation Adjustments

Allocations for community development block grants will be adjusted based on the housing growth improvement rate of the eligible recipient:

• If an eligible recipient's growth rate is at or above the median growth rate, or if it is classified as an extremely high-growth recipient, they will receive an additional bonus in their grant allocation.
• If the growth improvement rate is below the median, the grant allocation will be reduced by 10%.

Calculation of Housing Units

The Secretary of Housing and Urban Development (HUD) will determine the number of housing units in each jurisdiction based on data from the Bureau of the Census and will update the calculations to reflect the most current data available.

Annual Reporting

Before starting the allocation process each year, the Secretary will publish a report detailing:

• The housing growth improvement rates for all eligible recipients.
• Which recipients received bonus amounts or had their allocations decreased in the previous fiscal year.

Notification and Implementation Dates

• Within 60 days of the bill's enactment, each eligible recipient will be notified of their housing growth improvement rate.
• Guidance and best practices for increasing housing supply will be provided alongside this notification.
• The provisions of the grant allocation adjustments will take effect in the third full fiscal year following the bill’s enactment and will be effective through fiscal year 2043.

Relevant Companies

None found.