FAST Housing Act

The Facilitating Accelerated Supply of Targeted (FAST) Housing Act would direct the Department of Housing and Urban Development (HUD) to establish a demonstration program aimed at increasing the supply of workforce and affordable housing. The program proposes to select up to 15 geographically diverse communities that are experiencing significant housing shortages and anticipating job growth due to recent federal investments in infrastructure and technology. These selected communities would be eligible to compete for federal grants to fund the production or preservation of housing units.

To qualify for funding, participating local governments would be encouraged to reduce regulatory barriers and streamline the permitting process for new construction. The bill aims to leverage public-private partnerships and allows for the conversion of commercial properties into residential spaces. By rewarding communities that ease administrative requirements, the legislation seeks to identify effective local reforms that can be used as a model to accelerate housing production across the country.