Establishes an emerging developer fund program to provide competitive grants to nonprofit housing organizations and community development financial.
The Sparking Production of Urban and Rural Housing Act, also known as the SPUR Housing Act, requires the Secretary of Housing and Urban Development to establish an emerging developer fund program. This program provides competitive grants to nonprofit housing organizations and community development financial institutions. These organizations and institutions must use the grants to offer financing, including predevelopment loans, grants, and credit enhancements, to emerging developers.
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