Durbin, Cleaver Introduce The Spur Housing Act To Increase Housing Supply And Economic Development
WASHINGTON — U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Representative Emanuel Cleaver, II (D-MO-05), Ranking Member of the Financial Services Subcommittee on Housing and Insurance, jointly announced the introduction of the Sparking Production of Urban and Rural (SPUR) Housing Act . The SPUR Housing Act establishes a fund to increase the capacity of emerging developers – those with limited development experience and limited resources – who are undertaking affordable housing and community development projects. The funds are made available through the U.S. Department of Housing and Urban Development (HUD) in the form of competitive grants for nonprofit housing organizations and community development financial institutions (CDFIs) providing financing, capacity-building training, and technical assistance to eligible emerging developers. “Despite there being more than 112,000 real estate development companies in the United States, only one percent
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