US HB7243

HUD must establish a grant program within 90 days to reimburse housing developers for state and local taxes and impact fees associated with building housing developments

Developers must obtain all required state and local approvals and secure commitments from governments to reduce property taxes on the development by at least 50 percent to qualify

Grants are capped at the lesser of 50 percent of total taxes and impact fees or $150,000 annually, provided for up to 5 years per developer

Priority given to projects that increase affordable housing, are located in high-need areas identified through Census housing cost burden data, are transit-oriented, or serve vulnerable populations including seniors

Authorizes $300 million annually for fiscal years 2027 through 2031, applying to projects involving 5 or more residential units including mixed-use developments