,,ii #aaith ,,congress #ast ,session ,s4 #cjfg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,october #bh1 #bjbe ,ms4 ,warren 7for herself and ,mr4 ,warnock7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to establish a grant program to increase the local housing supply1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,innovation ,fund ,act4 #b4 ,innovation ,fund 7a7 ,definitions ,in this section3 7#a7 ,attainable housing ,the term attainable housing means housing that-- 7,a7 serves-- 7i7 a majority of households with income not greater than #hj percent of area median income2 and 7ii7 households with income not greater than #ajj percent of area median income2 or 7,b7 serves-- 7i7 a majority of households with income not greater than #fj percent of area median income2 and 7ii7 households with income not greater than #abj percent of area median income4 7#b7 ,eligible entity ,the term eligible entity means-- 7,a7 a metropolitan city or urban county1 as those terms are defined in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb71 that has demonstrated an objective improvement in housing supply growth1 as determined by the ,secretary1 whose methodology for determining such growth is published in the ,federal ,register to allow for public comment not less than #ij days before date on which the notice of funding opportunity is made available2 or 7,b7 a unit of general local government or ,indian tribe1 as those terms are defined in section #ajb of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjb71 that has demonstrated an objective improvement in housing supply growth1 as determined by the ,secretary1 whose methodology for determining such improvement is published in the ,federal ,register to allow for public comment not less than #ij days before the date on which the notice of funding opportunity is made available4 7#c7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7b7 ,establishment of a grant program 7#a7 ,establishment ,not later than #a year after the date of enactment of this ,act1 the ,secretary shall establish a program to award grants on a competitive basis to eligible entities that have increased their local housing supply4 7#b7 ,list of eligible entities ,the ,secretary shall make a list of eligible entities publicly available on the website of the ,department of ,housing and ,urban ,development4 7#c7 ,eligible purposes ,an eligible entity receiving a grant under this section may use funds to-- 7,a7 carry out any of the activities described in section #aje of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje72 7,b7 carry out any of the activities permitted under the ,local and ,regional ,project ,assistance ,program established under section #fgjb of title #di1 ,united ,states ,code2 7,c7 serve as matching funds under a ,state revolving fund program related to a clean water or drinking water program administered by the ,environmental ,protection ,agency in which the eligible entity is the grantee under that program1 unless otherwise determined by the ,secretary2 and 7,d7 carry out initiatives of the eligible entity that facilitate the expansion of the supply of attainable housing and that supplement initiatives the eligible entity has carried out1 or is in the process of carrying out1 as specified in the application submitted under paragraph 7#d74 7#d7 ,application 7,a7 ,in general ,an eligible entity seeking a grant under this section shall submit to the ,secretary an application that provides-- 7i7 a description of each purpose for which the eligible entity will use the grant1 and an attestation that the grant will be used only for #a or more eligible purposes described in paragraph 7#c72 7ii7 data on characteristics of increased housing supply during the #c-year period ending on the date on which the application is submitted1 which may include whether such housing-- 7,i7 serves households at a range of income levels2 and 7,,ii7 has improved the quality and affordability of housing in the jurisdiction of the eligible entity2 7iii7 a description of how each eligible purpose described in clause 7i7 may address a community need or advance an objective1 or an aspect of an objective1 included in the comprehensive housing affordability strategy and community development plan of the eligible entity under part #ia of title #bd1 ,code of ,federal ,regulations1 or any successor regulation 7commonly referred to as a consolidated plan72 and 7iv7 a description of how the eligible entity has carried out1 or is in the process of carrying out1 initiatives that facilitate the expansion of the supply of housing4 7,b7 ,initiatives ,initiatives that meet the criteria described in paragraph 7#c77;,d7 include-- 7i7 increasing by-right uses1 including duplex1 triplex1 quadplex1 and multifamily buildings1 in areas of opportunity2 7ii7 revising or eliminating off-street parking requirements to reduce the cost of housing production2 7iii7 revising minimum lot size requirements1 floor area ratio requirements1 set-back requirements1 building heights1 and bans or limits on construction to allow for denser and more affordable development2 7iv7 instituting incentives to promote dense development2 7v7 passing zoning overlays or other ordinances that enable the development of mixed-income housing2 7vi7 streamlining regulatory requirements and shortening processes1 increasing code enforcement and permitting capacity1 reforming zoning codes1 or other initiatives that reduce barriers to increasing housing supply and affordability2 7vii7 eliminating restrictions against accessory dwelling units and expanding their by-right use2 7viii7 using local tax incentives or public financing to promote development of attainable housing2 7ix7 streamlining environmental regulations2 7x7 eliminating unnecessary manufactured-housing regulations and restrictions2 7xi7 minimizing the impact of overburdensome energy and water efficiency standards on housing costs2 and 7xii7 other activities that reduce cost of construction1 as determined by the ,secretary4 7#e7 ,grants 7,a7 ,in general ,the ,secretary shall make not fewer than #be grants on an annual basis 7unless amounts appropriated to provide grant amounts consistent with subsection 7b7 are insufficient1 in which case fewer grants may be awarded71 with strong consideration of different geographical areas and a relatively even spread of rural1 suburban1 and urban communities4 7,b7 ,limitations on awards ,no grant awarded under this paragraph may be-- 7i7 more than #aj1jjj1jjj2 or 7ii7 less than #bej1jjj4 7,c7 ,priority ,when awarding grants under this paragraph1 the ,secretary shall give priority to an eligible entity that has-- 7i7 demonstrated the use of innovative policies1 interventions1 or programs for increasing housing supply1 including adoption of any of the frameworks developed under section #bjc2 and 7ii7 demonstrated a marked improvement in housing supply growth4 7,d7 ,grant administration and terms ,projects assisted under this section for activities described in sector #bc of the ,north ,american ,industry ,classification ,system shall be treated as projects assisted under the ,community ,development ,block ,grant program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq474 7c7 ,rules of construction ,nothing in this section shall be construed-- 7#a7 to authorize the ,secretary to mandate1 supersede1 or preempt any local zoning or land use policy2 or 7#b7 to affect the requirements of section #aje7;c77#a7 of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgje7;c77#a774 7d7 ,authorization of appropriations 7#a7 ,in general ,there is authorized to be appropriated to carry out this section #bjj1jjj1jjj for each of fiscal years #bjbg through #bjca4 7#b7 ,adjustment ,the amount authorized to be appropriated under paragraph 7#a7 shall be adjusted for inflation based on the ,consumer ,price ,index4