Innovation Fund Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 5938 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 5938 To establish a grant program to increase the local housing supply, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES November 7, 2025 Mr. Cleaver (for himself and Ms. Pressley) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned _______________________________________________________________________ A BILL To establish a grant program to increase the local housing supply, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Innovation Fund Act''. SEC. 2. INNOVATION FUND. (a) Definitions.--In this section: (1) Attainable housing.--The term ``attainable housing'' means housing that-- (A) serves-- (i) a majority of households with income not greater than 80 percent of area median income; and (ii) households with income not greater than 100 percent of area median income; or (B) serves-- (i) a majority of households with income not greater than 60 percent of area median income; and (ii) households with income not greater than 120 percent of area median income. (2) Eligible entity.--The term ``eligible entity'' means-- (A) a metropolitan city or urban county, as those terms are defined in section 102 of the Housing and Community Development Act of 1974 (42 U.S.C. 5302), that has demonstrated an objective improvement in housing supply growth, as determined by the Secretary, whose methodology for determin