FAST Housing Act

Key Points

• The bill creates a new program to give grants to 15 local governments or housing agencies. These grants will help build or fix up homes in areas where many new jobs are being created because of recent federal laws about infrastructure and technology.
• To get the money, cities must show they are making it easier to build. This includes things like changing zoning rules to allow more apartments, speeding up building permits, and removing requirements for a certain number of parking spots.
• The money can be used to turn old office buildings into apartments or to buy land for new homes. At least 30 percent of the homes created must be affordable for people making 80 percent or less of the local average income.
• The program would be paid for by taking 10 percent of the leftover money from COVID relief funds that has not been spent yet. This ensures the program uses existing money rather than requiring new taxes.
• This plan focuses on workforce housing. This is meant for people like teachers, police officers, and construction workers who often earn too much for traditional aid but still struggle to afford homes near their jobs.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.