US HB6737

HUD Secretary must establish an emerging developer fund program within 1 year to provide competitive grants to nonprofit housing organizations and community development financial institutions (CDFIs)

Grants fund financing for emerging developers (those with limited experience/net worth) pursuing affordable housing projects, including predevelopment loans, loan loss reserves, grants, risk sharing, and credit enhancements

Grant recipients must provide capacity-building training and technical assistance covering construction budgets, financing, tax credit applications, business planning, and bonding strategies

Priority given to organizations supporting developers who are undercapitalized or focus on distressed communities and high opportunity areas; no single grantee may receive more than 15% of appropriated funds

Authorizes $50 million annually for fiscal years 2026 through 2030