FAST Housing Act

This bill establishes a demonstration program that provides up to 15 competitive grants to local governments and public housing agencies to help develop workforce and affordable housing in areas where the workforce is expanding. To receive funding, recipients must submit applications that outline existing and proposed zoning reforms, such as upzoning, expedited permitting, and removal of parking minimums, along with implementation timelines. The grants can be used for converting commercial spaces to housing, developing new units, providing technical assistance, and acquiring properties, with at least 30 percent of created units required to be affordable housing. The program prioritizes jurisdictions that have already reduced regulatory barriers and aims to include urban, suburban, and rural areas, while requiring a study to evaluate the program's effectiveness on housing timelines and production.