H.R. 8171 — FAST Housing Act

This section establishes a demonstration program to be administered by the Secretary of Housing and Urban Development (HUD), under which HUD must award not more than 15 competitive grants within one year of enactment to eligible entities (i.e., units of local government or public housing agencies demonstrating significant workforce expansion) for developing workforce housing and affordable housing. Grant applications must include (1) lists of existing laws, regulations, and policies facilitating such housing development and (2) proposed zoning reforms with adoption timelines, such as upzoning, expedited permitting, by-right multifamily zoning near transit, reduced barriers to manufactured housing, removal of parking minimums, and reduced lot sizes. HUD must prioritize applicants whose regulatory streamlining has most increased such housing; select grantees from varied geographic areas (urban, suburban, rural) to the extent practicable; and provide technical assistance on integrating grants with other federal housing programs. Grant funds must finance (1) converting commercial space to such housing via public-private partnerships; (2) developing, rehabilitating, or improving such housing via such partnerships; (3) technical assistance for developers; and (4) identifying and acquiring properties in high-opportunity areas, with at least 30% of units designated affordable housing (i.e., total monthly housing costs not exceeding 30% of income for households at or below 80% of area median income). Units must remain workforce or affordable housing for at least five years and thereafter comply with Secretary requirements. HUD must conduct annual studies beginning 18 months after the first grant, evaluating program impacts on approval, construction timelines, and unit numbers compared to nonparticipating communities. Funding consists of 10% of all unobligated COVID funds (i.e., amounts from the Coronavirus Preparedness and Response Supplemental Appropriations Act, Families First Coronavirus Response Act, CARES Act, Paycheck Protection Program and Health Care Enhancement Act, Consolidated Appropriations Act of 2021, and American Rescue Plan Act), to be transferred by the Secretary of the Treasury within 30 days of enactment and remain available until expended.