Creates a federal Emerging Developer Fund program that gives competitive grants to nonprofit housing organizations and community development financial institutions (CDFIs) to support emerging real estate developers. Grants can be used for lending, a capitalization fund, training and technical assistance, and other HUD‑approved uses.

The Department of Housing and Urban Development must set up the program within one year. The law authorizes $50 million per year for fiscal years 2026–2030, limits any single recipient to no more than 15% of each year’s appropriation, and prioritizes support for less‑experienced or undercapitalized emerging developers with measurable capacity‑building outcomes.