These 10 Cities Could Reap the Biggest Benefits From Federal Grants To Spur Homebuilding

Recent changes to a popular federal grant program could help bring new housing to areas that need it most, a new Realtor.com® analysis shows.The 21st Century Road to Housing Act, the bipartisan housing bill that just passed into law, includes some tweaks to the Community Development Block Grant program, which is administered by the U.S. Department of Housing and Urban Development to cities around the country.Congress' new formula ties both bonuses and penalties for cities to new housing production. But which cities will be most affected?Using grant data from HUD, plus U.S. Census Bureau budget and population statistics, Realtor.com found that the cities with the most to gain are the ones that need homebuilding the most—in Northeastern and Midwestern markets.The cities that may see the biggest benefit from the new rules are Milwaukee, Detroit, Toledo, OH, Newark, NJ, and Cleveland, with many more regional names nearby also ranking highly."Municipalities that successfully expand their housing inventory will see their grant allocations grow, while those failing to meet delivery standards risk reductions," says Realtor.com senior economist Joel Berner. "This pivot transforms CDBGs from...