FAST Housing Act
Housing: Grants for Workforce and Affordable Homes
The FAST Housing Act was recently introduced in the House and is currently being reviewed by two committees. It is in the early stages of the legislative process and is actively moving forward. There are no upcoming votes scheduled at this time.
Legislative Progress
The bill has support from both parties and addresses a major housing shortage, but it only funds a small number of cities and relies on redirected COVID money which can be controversial.
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.
Milestones
Referred to the Committee on Financial Services, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
FAST Housing Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.