S. 2915 — SPUR Housing Act

This section establishes definitions for the following terms used in the Act: (1) community development financial institution, meaning an institution certified as such by the Secretary of the Treasury under section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702); (2) distressed community, having the meaning of qualified census tract in section 42(d)(5)(B)(ii) of the Internal Revenue Code of 1986 (i.e., census tracts with median family income at or below 80% of area median or poverty rate above 25%); (3) high opportunity area, as defined in 12 C.F.R. § 1282.1 or successor regulation; (4) emerging developer, meaning a developer with limited real estate development experience and limited liquidity or net worth, or other qualifications determined appropriate by the Secretary of Housing and Urban Development; (5) institution of higher education and part B institution, having the meanings given those terms in sections 101 and 322, respectively, of the Higher Education Act of 1965 (20 U.S.C. 1001, 1061) (i.e., part B institutions are historically Black colleges and universities); and (6) Secretary, meaning the Secretary of Housing and Urban Development.

This section directs the Secretary of Housing and Urban Development to establish, not later than one year after enactment, the emerging developer fund program to provide competitive grants to nonprofit housing organizations and community development financial institutions (CDFIs). Grantees must use grant funds (1) to finance affordable housing and community development projects by emerging developers (i.e., those with limited experience), including through predevelopment loans, loan loss reserves, grants, risk sharing, and credit enhancements (e.g., interest rate buydowns); (2) to capitalize related funds; (3) to provide capacity-building training and technical assistance; and (4) for other Secretary-approved uses. The Secretary awards grants based on applicants' ability to demonstrate community needs, deliver comprehensive technical assistance (e.g., on budgets, financing, Low-Income Housing Tax Credits, capital stacks), offer affordable lending and mentoring, partner with higher education institutions (including community colleges and historically Black colleges and universities), provide ongoing support, and track outcomes (e.g., loans originated, development costs). Priority goes to applicants aiding undercapitalized emerging developers focused on distressed communities and high-opportunity areas, with no single award exceeding 15% of the total appropriated amount. The Secretary must coordinate with the Secretary of the Treasury to align the program with the Community Development Financial Institutions Fund. The section authorizes $50 million for each of FY2026 through FY2030.