H.R. 7243 — SPUR Housing Act

This section establishes a grant program administered by the Secretary of Housing and Urban Development (HUD), to be created not later than 90 days after enactment, under which developers receive grants to offset up to 50% of state and local taxes and impact fees (i.e., charges for public infrastructure and services) associated with building housing developments (i.e., projects involving the construction or rehabilitation of 5 or more residential units, including mixed-use developments), capped at $150,000 per developer annually for up to 5 years. To qualify, developers must submit applications, obtain all required state and local approvals, and secure commitments from state and local governments to reduce property taxes on the developments by at least 50% for each year of the grant term. In selecting grantees, HUD must prioritize developers whose projects (1) increase affordable housing; (2) are feasible and able to begin construction within one year of application; (3) are located in priority housing areas identified using housing market indicators and severe housing cost burden data from the American Community Survey; (4) offer affordable or mixed-income units; (5) are transit-oriented, near employment hubs, or utilize infill sites within urban growth boundaries; (6) target workforce housing; (7) include senior-friendly and accessible units; (8) employ adaptive reuse or rehabilitation of existing structures; or (9) incorporate supportive housing for vulnerable populations. The section authorizes $300 million annually for FY2027 through FY2031 to carry out the program.