,,ii #aaith ,,congress #ast ,session ,s4 #biae ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #ai 7legislative day1 ,september #af71 #bjbe,mr4 ,durbin introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to require the ,secretary of ,housing and ,urban ,development to establish an emerging developer fund program to provide competitive grants to nonprofit housing organizations and community development financial institutions1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,sparking ,production of ,urban and ,rural ,housing ,act or the ,,spur ,housing ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,community development financial institution ,the term community development financial institution means an institution that has been certified as a community development financial institution 7as defined in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb77 by the ,secretary of the ,treasury4 7#b7 ,distressed community ,the term distressed community has the meaning given the term qualified census tract in section #db7;d77#e77;,b77ii7 of the ,internal ,revenue ,code of #aihf4 7#c7 ,high opportunity area ,the term high opportunity area has the meaning given the term in section #abhb4a of title #ab1 ,code of ,federal ,regulations1 or any successor regulation4 7#d7 ,emerging developer ,the term emerging developer means a developer that has-- 7,a7 limited real estate development experience and limited liquidity or net worth2 7,b7 any other qualifications as determined appropriate by the ,secretary4 7#e7 ,institution of higher education2 part ,b institution ,the terms institution of higher education and part ,b institution have the meanings given those terms in section #aja and #cbb1 respectively1 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja1 #ajfa74 7#f7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 #c4 ,emerging developer fund program 7a7 ,in general ,not later than #a year after the date of enactment of this ,act1 the ,secretary shall establish an emerging developer fund program to provide competitive grants to nonprofit housing organizations and community development financial institutions4 7b7 ,use of amounts ,nonprofit housing organizations and community development financial institutions that receive amounts under this section shall use such amounts-- 7#a7 to offer financing to emerging developers undertaking affordable housing and community development projects1 including-- 7,a7 predevelopment loans2 7,b7 loan loss reserves2 7,c7 grants2 7,d7 risk sharing2 and 7,e7 credit enhancements1 including interest rate buy downs2 7#b7 to capitalize a fund to support affordable housing and community development projects of emerging developers2 7#c7 to offer capacity-building training1 and technical assistance programs to emerging developers2 and 7#d7 for other uses approved by the ,secretary4 7c7 ,application ,each nonprofit housing organization and community development financial institution that applies for a grant under this section shall submit an application to the ,secretary at such time and in such manner as the ,secretary may reasonably require and shall-- 7#a7 demonstrate plans for providing comprehensive training1 technical assistance1 and financing to emerging developers2 and 7#b7 include information about past work completed by the organization or institution4 7d7 ,awarding of grants ,the ,secretary shall award grants under this section based on the ability of an applicant to-- 7#a7 identify and quantify the need for development capacity building in the community of focus1 including emerging developers with an intent to pursue affordable housing and community development projects1 including in distressed communities2 7#b7 provide comprehensive real estate development capacity building and ongoing technical assistance1 including by helping emerging developers to-- 7,a7 develop and manage a construction budget2 7,b7 determine financing needs2 7,c7 identify and secure sources of private and public capital1 including preparing applications for tax credits under section #db of the ,internal ,revenue ,code of #aihf2 7,d7 structure capital stacks2 7,e7 understand loan terms2 7,f7 conduct business planning2 7,g7 conduct strategic planning2 7,h7 prepare bids2 7,i7 structure financial statements2 and 7,j7 implement bonding strategies2 7#c7 provide affordable lending products for affordable housing and community development projects1 such as predevelopment loans and other relevant products2 7#d7 offer mentoring and networking opportunities for emerging developers2 7#e7 build partnerships with institutions of higher education1 including community colleges and part ,b institutions1 to provide real estate development course work and other resources to current and aspiring real estate developers2 7#f7 provide ongoing technical assistance after completion of any curriculum offered at the institutions described in paragraph 7#e72 and 7#g7 track program outcomes1 including the total number and volume of loans originated1 total development costs1 geographic areas served1 and income streams created for the borrower4 7e7 ,priority ,when awarding grants under this section1 the ,secretary shall prioritize organizations that-- 7#a7 are providing lending or technical assistance to emerging developers-- 7,a7 with limited experience2 7,b7 who are undercapitalized2 or 7,c7 who intend to focus on the development of affordable housing and community development projects in distressed communities and high opportunity areas2 and 7#b7 have a history of providing support to emerging developers4 7f7 ,limitation ,no organization or institution may receive an award amount under this section that is greater than #ae percent of the amount appropriated pursuant to subsection 7h74 7g7 ,coordination with other ,federal agencies ,the ,secretary shall coordinate with the ,secretary of the ,treasury with respect to the alignment of program under this section and reporting requirements under this section with similar requirements of the ,community ,development ,financial ,institutions ,fund under the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgja et seq474 7h7 ,authorization of appropriations ,there is authorized to be appropriated to carry out this section #ej1jjj1jjj for each of fiscal years #bjbf through #bjcj4