Establishes a program for the Secretary of Housing and Urban Development to award competitive grants to States for developing and expanding industrialized construction of innovative residential dwelling units.
States must submit applications detailing plans for subgrants, coordination with other programs, and matching non-Federal funds.
Grants can be used for:
Reimbursing operating expenses of eligible entities (up to $350,000).
Providing incentives for constructing innovative residential units (up to $6,000 for non-affordable units; higher for affordable units).
Offering a fixed incentive of $50,000 for constructing at least 10% of units as affordable housing.
Eligible entities must complete activities funded by subgrants within two years, with possible penalties for non-compliance.
States must report on subgrant activities, including application numbers, construction costs, and the number of affordable units produced.
Authorizes $75 million in appropriations for fiscal years 2025 through 2029 to support the program.
Defines terms such as “affordable housing,” “eligible entity,” “energy-efficient unit,” and “innovative residential dwelling unit” to clarify eligibility and requirements.